80-acre home development in Orcutt sells
An 80-acre residential development in Orcutt has been sold for an undisclosed amount.
The project, called Bradley Village, was purchased by an area investment group called Bradley Ventures after listing for $8 million, according to Hayes Commercial Group, which represented the buyer in the deal negotiations.
Also known as Key Site 30, the project is located between Clark Avenue and Union Valley Parkway off of South Bradley Road, Hayes noted, and is one the last large infill developments in Orcutt.
The project has received tentative approval for 212 residential apartment, senior housing or condominium units and 69 single-family homes, plus a 3.5-acre park and 44.3 acres of public open space.
“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,” broker Christos Celmayster of Hayes Commercial said in a statement. “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, he said, “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.”