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CRP Affordable Housing & Community Development Acquires Development Site In Belmont For $4.55M

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SOLD
$4,550,000

California

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Development Site15,681 SF
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Property Image
SOLD

CRP Affordable Housing & Community Development Acquires Development Site In Belmont For $4.55M

678 Ralston Avenue

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Development Site15,681 SF
Sold
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$290
Total Square Footage:15681 SF
Transaction Type:Sale

The development site located at 678 Ralston Avenue in Belmont was sold for $4,550,000. The property spans 15,681 square feet with a price per square foot of $290. The transaction involved the buyer CRP Affordable Housing & Community Development and the seller Nelson Capital.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $4,550,000
  • Address: 678 Ralston Avenue
  • Market: Belmont
  • Buyer: CRP Affordable Housing & Community Development
  • Seller: Nelson Capital

The deal was facilitated by broker Alberto Guardado from RECG. Hanna John Azar from Compass Commercial represented the seller, Nelson Capital in this transaction. The future plans for the property include The Ridge at Ralston, a 65-unit affordable housing development. The Housing Endowment and Regional Trust of San Mateo County played a vital role in making this acquisition possible.

Players

Alberto J Guardado
Real Estate Collective Group (RECG)
Alberto J Guardado
7 deals$39.2M volume(510) 854-8570
BROKER

Details

SOLD
IMAGE: Alberto Guardado DATE: 03/01/2024 ADDRESS: 678 Ralston Avenue MARKET: Belmont ASSET TYPE: Development Site BUYER: CRP Affordable Housing & Community Development SELLER: Nelson Capital BROKER: Alberto Guardado (@DirectorBerto) - RECG SELLER’S REP: Hanna John Azar (@azarrealtygroup) - Compass Commercial SALE PRICE: $4,550,000 SF: 15,681 ~ PPSF: $290 NOTE FROM BROKER: CRP Affordable is excited to announce the acquisition of 678 Ralston. The future home to The Ridge at Ralston. A 100% 65-unit affordable housing development. This acquisition was made possible with the help from The Housing Endowment and Regional Trust of San Mateo County. Of the 65 units, 30 units would be one-bedroom averaging 560 square feet, 18 units would be two-bedrooms averaging 694 square feet and 17 units would be three-bedrooms averaging 982 square feet. A total of 19 automobile parking spaces and 62 long-term and two short-term bicycle parking spaces will be provided onsite. The Project shall be 100% affordable housing with rent and income-restricted affordable rental units for 55 years. The total project cost is estimated to be $61,272,000. HOME-ARP will fund seventeen units.

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