Description

One of the most prolific multifamily development sites in the Antelope Valley. Rarely do institutional developer-grade parcels of this stature hit the open market, and it's also available with attractive seller financing. The subject property provides 8.8 acres of prime-in fill land on the east side of Lancaster, with the city's coveted Mixed Use-Neighborhood (MU-N) zoning. Sitting at the northwest corner of Lancaster Blvd and 20th St E, this parcel is coming to market amidst a historic affordable housing building boom in the Antelope Valley. With strong support from the City of Lancaster and the state, ample LIHTC financing and tax credit availability, and strong renter demand, multiple large-scale affordable housing projects are coming online. This parcel is primed for a developer to join the boom and build a substantial project. Lancaster's MU-N zoning is highly flexible, as it's believed to allow for residential-only projects with no specific density maximums, and a height maximum of 4-5 stories (buyer to verify all information with the city). Typical multifamily products in the AV tend to be 2-3 stories. With 8.8 net acres and this unique zoning, this location should accommodate anywhere from 100-400 units, depending upon the developer's desired intensity. The seller had previously obtained plans to build 382 units (4-stories) with a retail component. The location is unique, as well. The surrounding pocket is very low-density, dominated by single family homes. Buildings tend to perform well in these suburban areas, with less QOL concerns such as traffic and noise. Despite being within a low-density area, the major retail hub at Ave J and 20th East is only a half mile from the property. Major retailers such as Walmart, Stater Bros and Aldi are at this location, as well as numerous restaurants and conveniences, giving this location a significant level of walkability. Just south of Ave J is the Terracina apartment building, in which 264 affordable units were built in 2023, serving as a useful benchmark for new construction in this area. With 8.8 acres on a prime signalized corner with all utilities available, and aided by a supportive regulatory environment, this property is ready for a large-scale affordable housing product. It's also priced aggressively at under $285k per acre, and the seller is offering interest-only financing with at least 30-40% down. This is an unbelievable multifamily land development opportunity, and it's not going to last.