Dinerstein Cos. Acquires Five55 Apartments in Downtown Santa Cruz, California


Located at 555 Pacific Ave. in Santa Cruz, California, the four-story property features 94 apartments and 5,000 square feet of ground-floor retail space.

SANTA CRUZ, CALIF. — The Dinerstein Cos. has purchased Five55 Apartments, a multifamily property in downtown Santa Cruz, from Swenson Development & Construction for an undisclosed price. Scott Bales of Newmark represented the seller in the deal.

Located at 555 Pacific Ave., the four-story property features 94 apartments and 5,000 square feet of ground-floor retail space, which is leased to Current eBikes and Big Basin Vineyards. The property features a fitness center, community room with a pool table and kitchenette, an outdoor pizza oven, coffee bar, bike storage, electric car charging, an outdoor gathering space with fire pits and a 20,000-square-foot rooftop deck. The site is walkable to the beach and a variety of retail and restaurant options.

The asset features a two-story below-grade parking structure with 100 spaces. At the time of sale, the community was 99 percent leased. Five55 was built in 2018.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties