| WARMINGTON RESIDENTIAL |
Warmington Residential has purchased nearly 4 acres (3.89) at 1300 Cravens Lane in Carpinteria, CA, and will introduce Seahouse, a new residential neighborhood that is a 1.5 mile walk from the Pacific Ocean and downtown Carpinteria. Model completion is slated for fall 2019. Seahouse is Warmington Residential’s first Central Coast acquisition since launching its Central Coast Division in January of 2018.
Seller:
Cravens Lane, LLC
Entitlements:
The parcel is approved for 31 Coastal Farmhouse-inspired homes ranging from 1,261 to 2,289 sq. ft. in 3 product types: flats, townhomes and detached single-family. Four of these are moderate income homes set aside for qualified applicants. As a residential enclave, Seahouse will feature a natural spring, a community pavilion with fire pit and outdoor seating and gathering areas, mature, preserved heritage trees, community gardens, and pocket park.
Joint Venture Partner:
An entity affiliated with The Resmark Companies is the joint venture equity partner.
Lender:
City National Bank
Close of Escrow:
January 2019
Price:
Confidential
To learn more about this transaction please contact Bill McReynolds at 562.230.9874 or email at billm@warmingtongroup.com.