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

Five55-Apts-Santa-Cruz-CA

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

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