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1575 Erringer Rd - THE RIDGE AT SIMI - 1575 Erringer Rd 1.56 Acres of Commercial Land Offered at $4,900,000 in Simi Valley, CA 93065
INVESTMENT HIGHLIGHTS
- RARE SHOVEL READY 66-UNIT ENTITLED DEVELOPMENT PROJECT IN VENTURA COUNTY: Extremely high barriers to entry to develop in Ventura County
- RIME SIMI VALLEY LOCATION: Located near retail and transit amenities the ridge is ideally located for renters looking to be in Ventura County
- REMIUM IN-UNIT AND COMMUNITY AMENITIES ATTRACT RENTERS
- STRONG RENT GROWTH: Multifamily rent growth has been robust in Simi Valley over the past 5 years
- MODERN LUXURY DESIGN AND AMENITIES: The Ridge is designed with contemporary luxury in mind, featuring sleek interiors, and resort-style amenities
EXECUTIVE SUMMARY
Lineage Asset Advisors, Inc. has been exclusively retained to present for sale The Ridge which is a rare shovel ready 66-unit development site in Simi Valley, Ventura County. The site is being offered for sale at $4,900,000, equating to $74,242 per unit. The approximate 1.56-acre land site is approved for a modern luxury 4-story apartment project featuring 77 on-grade parking spaces. The unit mix comprises seven 2-bedroom, 2-bath units averaging 1,040 square feet and fifty-nine 1-bedroom, 1-bath units averaging 774 square feet. The development mandates 5 affordable housing units, deed-restricted for 55 years.
The Ridge aims to provide a lifestyle of modern luxury, convenience, and a strong community sense. The development will feature contemporary and welcoming interiors with natural finishes and clean lines. Prospective residents will have various floor plans, from cozy 1-bedroom/1-bath residences to spacious 2-bedroom/2-bath residences. Each apartment will boast sleek, modern interiors with stainless steel appliances, including a refrigerator, range, microwave, and dishwasher. Additionally, in-unit washers and dryers will cater to the market’s high demand for such amenities, potentially driving higher rental rates. Natural light will flood the apartments through large windows, enhancing the living experience.
Residents of The Ridge will enjoy deluxe resort-style amenities, including a large spa in the central courtyard, a fitness center, an outdoor kitchen, an outdoor fireplace, and a state-of-the-art leasing office/clubhouse. The community lounge will serve as the social hub, fostering a vibrant and connected community within the property.
This project represents a prime investment opportunity in Simi Valley’s growing market, offering modern, high-end living spaces designed to meet the needs of today’s renters. The Ridge’s combination of luxurious amenities, contemporary design, and strategic location positions it as an attractive option for both developers and future residents.
The Ridge aims to provide a lifestyle of modern luxury, convenience, and a strong community sense. The development will feature contemporary and welcoming interiors with natural finishes and clean lines. Prospective residents will have various floor plans, from cozy 1-bedroom/1-bath residences to spacious 2-bedroom/2-bath residences. Each apartment will boast sleek, modern interiors with stainless steel appliances, including a refrigerator, range, microwave, and dishwasher. Additionally, in-unit washers and dryers will cater to the market’s high demand for such amenities, potentially driving higher rental rates. Natural light will flood the apartments through large windows, enhancing the living experience.
Residents of The Ridge will enjoy deluxe resort-style amenities, including a large spa in the central courtyard, a fitness center, an outdoor kitchen, an outdoor fireplace, and a state-of-the-art leasing office/clubhouse. The community lounge will serve as the social hub, fostering a vibrant and connected community within the property.
This project represents a prime investment opportunity in Simi Valley’s growing market, offering modern, high-end living spaces designed to meet the needs of today’s renters. The Ridge’s combination of luxurious amenities, contemporary design, and strategic location positions it as an attractive option for both developers and future residents.
PROPERTY FACTS
| Price | $4,900,000 | Property Subtype | Commercial |
| Sale Type | Investment | Proposed Use | Apartment Units |
| No. Lots | 1 | Total Lot Size | 1.56 AC |
| Property Type | Land |
| Price | $4,900,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units |
| Total Lot Size | 1.56 AC |
1 LOT AVAILABLE
Lot
| Price | $4,900,000 | Lot Size | 1.56 AC |
| Price Per AC | $3,141,025.64 |
| Price | $4,900,000 |
| Price Per AC | $3,141,025.64 |
| Lot Size | 1.56 AC |
Walk Score®
Very Walkable (71)
Bike Score®
Very Bikeable (77)
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1575 Erringer Rd - THE RIDGE AT SIMI - 1575 Erringer Rd
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