More than 200 affordable rental units could be coming to Paso Robles in coming years
Paso Robles is on track to add around 200 rental homes by summer 2025 in the Viñedo master planned community, according to a news release from STG Capital Partners.
The real estate development company announced Monday it had acquired planning area 13 of the Viñedo master planned community at 3138 Linne Road for a little under $17 million.
The 17-acre tract will be populated by 217 build-for-rent homes designed by Daniel Gehman of Danielian Associates, ranging between 1,395 and 1,701 square feet, the release said.
One-, two- and three-bedroom homes will be available, and will offer accessory dwelling units between 663 and 847 square feet.
The homes will rent for an average of $2,600 for one-bedroom units and $3,000 and $3,700 for two and three-bedroom units, the release said.
These 214 units will cost around $97 million to develop, according to the release.
The Viñedo master planned community, also known as the Olsen South-Chandler Ranch Specific Plan, was originally approved by the Paso Robles City Council in February 2020, and includes 1,293 residential units, 9,800 square feet of commercial space, a possible elementary school site and 29,335 square feet of community amenities, according to the city’s website on the project.
Already, parts of the project have begun to take shape.
In August, a 69-apartment affordable development by the Paso Robles Housing Authority and Affordable Housing Development Corp broke ground at 1600 Fontana Road, and is expected to open in fall 2024.
Construction on the most recent batch of affordable homes is already underway, STG Capital Partners spokesperson David Ebeling told The Tribune.
“For many years, we’ve tracked the significant supply/demand imbalance of housing in the Central Coast,” STG Capital Partners Managing Partner Rand Sperry said in the release. “We were attracted to the area’s high barriers to entry, limited new supply with minimal pipeline, strong demographics and solid, growing economy.”
This story was originally published December 20, 2023 at 8:00 AM.
