Orcutt, CA – Local investment group Bradley Ventures, LLC recently acquired an 80-acre site in northern Santa Barbara County called Key Site 30. Better known as Bradley Village, this project is one of the last large infill developments in Orcutt and is located between Clark Avenue and Union Valley Parkway off of South Bradley Road. The property was listed for sale by the previous owner in February of this year for $8 million.
The purchase of Bradley Village included a tentative approval for single-family homes and apartments. A 10.6-acre portion consisting of six separate parcels allows for the development of up to 212 residential apartment, senior housing, and/or condominium units. In addition to these units, the project has approvals for 69 single-family lots in three separate regions of the site, plus a 3.5-acre passive park and a 44.3-acre area for open space with a public multi-use trail.
The current housing stock in the area is predominantly single-family homes with only a few apartment projects offering rentals for Orcutt’s 30,000 residents.
“Although Orcutt is no stranger to residential developments — with new homes still being released in projects such as Rice Ranch — very few apartments have been built in the area in the past decade,” commented Christos Celmayster of Hayes Commercial Group, who represents Bradley Ventures, LLC. “The Santa Maria market has seen a steady rebound from the recession and no other segment of the investment market has fared as well as the apartment market. Rents in the area have been increasing, so acquiring a site that provides for new apartments in the most desirable region of the Santa Maria Valley was a no-brainer for the buyer. Couple that with the flexibility of the site’s six separate multifamily lots, and you see that this was a great investment.”
Year to date home sales in Orcutt average approximately $425,000, while sales of newer homes (houses built within the past 10 years) average right around $525,000. “There are very few sites like this in Orcutt and we expect interest from several local and national builders,” Celmayster said. Currently, 31 out of the 69 single-family homes are listed with Christos Celmayster and available for purchase.
Deal Points
Project Name: Bradley Village
Location: Orcutt, CA
Listed Price: $8,000,000
Date Sold: July 2014
Buyer: Bradley Ventures, LLC
Buyer Broker: Christos Celmaysterof Hayes Commercial Group
Property Description: 80 acre parcel approved for 212 apartments and 69 SFR lots. One of the last large infill developments in Orcutt.