A seniors housing development is set to break ground in Santa Cruz County, California after Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap sold the 3.35-acre site to the developer. An experienced regional owner/operator in California with more than five developments in its pipeline paid $6.75 million for the site, which is entitled for 82 units and 89 beds of seniors housing. The project is located in Soquel, a high-barrier-to-entry market in an affluent area that surely resulted in the competitive bidding atmosphere for the site. That makes for a happy seller we imagine, as well. Once the project is permitted, construction is expected to commence immediately.
California Community Set to Break Ground
