DAVIS, CA—An underutilized 5-acre site located along Olive Drive, which consists of 11 contiguous parcels, includes some of the last undeveloped land within Davis' city limits. It is located near the intersection of Richards Boulevard and within walking distance of both the University of California, Davis and the downtown business district.

HighBridge Properties, a development firm focused on multifamily and student-housing properties, acquired the site that it intends to develop as rental housing for UC Davis students. In developing a student housing community on the acquired parcels, HighBridge will bring much-needed and high-quality rental housing near the downtown core of Davis.

Paul Gradeff, managing director of HighBridge Properties, tells GlobeSt.com: “We believe that our project will address significant pent-up demand for rental housing in Davis. Housing is in short supply, particularly for UC Davis students, and there are few, if any, better locations for off-campus student housing than the site we've acquired.”

The site is largely vacant land, but does include seven single-family houses and three uninhabitable cottages, all of which were built in the 1940s and 1950s. It was long owned by the Callori family, whose ancestor, Giuseppe Callori, emigrated from Italy and settled in Davis in the early 1900s.

Preliminary plans call for the construction of a mix of three- and five-story residential buildings with 120 to 140 student purpose-built rental apartment units. The precise number of apartment units is yet to be determined. HighBridge believes that its project concept is closely aligned with Davis' objectives of bringing residents closer to the downtown district as well as promoting sustainable development and responsible land usage.

As part of its commitment to responsible development and the Davis community, HighBridge will be working closely with area residents and city officials in the weeks and months ahead to elicit and incorporate the community's input while the project is in the conceptual phase and requisite development approvals are obtained.

In developing the property, the firm intends to address the growing demand for rental housing for students of UC-Davis, which currently has an enrollment of slightly more than 35,000 undergraduate and graduate students, and foster greater pedestrian, bicycle and public transportation usage, thereby decreasing reliance on automobiles and reducing traffic congestion and air pollution. The redevelopment will benefit the community as a whole and increase revenue for downtown businesses.

“We remain committed to developing and operating properties in Davis that not just address the pent-up demand for quality housing here, but also are consistent with the community's desires for sustainability and walkability,” said Gradeff. “We are looking forward to working with the community as we proceed with this unique opportunity to build off-campus student housing so close to both the UC-Davis campus and downtown.”

The transaction was brokered by Sunny Gill of Habitat Investment Advisors, a Sacramento-based multifamily property brokerage and advisory services firm.

The acquisition of the Olive Drive site is the second property investment that HighBridge has made in Davis. In 2011, the firm acquired The Grove, an 80-unit rental apartment community that it subsequently renovated and currently owns and operates.

DAVIS, CA—An underutilized 5-acre site located along Olive Drive, which consists of 11 contiguous parcels, includes some of the last undeveloped land within Davis' city limits. It is located near the intersection of Richards Boulevard and within walking distance of both the University of California, Davis and the downtown business district.

HighBridge Properties, a development firm focused on multifamily and student-housing properties, acquired the site that it intends to develop as rental housing for UC Davis students. In developing a student housing community on the acquired parcels, HighBridge will bring much-needed and high-quality rental housing near the downtown core of Davis.

Paul Gradeff, managing director of HighBridge Properties, tells GlobeSt.com: “We believe that our project will address significant pent-up demand for rental housing in Davis. Housing is in short supply, particularly for UC Davis students, and there are few, if any, better locations for off-campus student housing than the site we've acquired.”

The site is largely vacant land, but does include seven single-family houses and three uninhabitable cottages, all of which were built in the 1940s and 1950s. It was long owned by the Callori family, whose ancestor, Giuseppe Callori, emigrated from Italy and settled in Davis in the early 1900s.

Preliminary plans call for the construction of a mix of three- and five-story residential buildings with 120 to 140 student purpose-built rental apartment units. The precise number of apartment units is yet to be determined. HighBridge believes that its project concept is closely aligned with Davis' objectives of bringing residents closer to the downtown district as well as promoting sustainable development and responsible land usage.

As part of its commitment to responsible development and the Davis community, HighBridge will be working closely with area residents and city officials in the weeks and months ahead to elicit and incorporate the community's input while the project is in the conceptual phase and requisite development approvals are obtained.

In developing the property, the firm intends to address the growing demand for rental housing for students of UC-Davis, which currently has an enrollment of slightly more than 35,000 undergraduate and graduate students, and foster greater pedestrian, bicycle and public transportation usage, thereby decreasing reliance on automobiles and reducing traffic congestion and air pollution. The redevelopment will benefit the community as a whole and increase revenue for downtown businesses.

“We remain committed to developing and operating properties in Davis that not just address the pent-up demand for quality housing here, but also are consistent with the community's desires for sustainability and walkability,” said Gradeff. “We are looking forward to working with the community as we proceed with this unique opportunity to build off-campus student housing so close to both the UC-Davis campus and downtown.”

The transaction was brokered by Sunny Gill of Habitat Investment Advisors, a Sacramento-based multifamily property brokerage and advisory services firm.

The acquisition of the Olive Drive site is the second property investment that HighBridge has made in Davis. In 2011, the firm acquired The Grove, an 80-unit rental apartment community that it subsequently renovated and currently owns and operates.