Warmington Residential has purchased 3.89 acres at 1300 Cravens Lane in Carpinteria, California and will introduce Seahouse, a new luxury residential neighborhood that is a 1.5 mile walk to the Pacific Ocean and downtown Carpinteria.
Model completion is slated for Fall 2019. Seahouse is Warmington Residential’s first Central Coast acquisition since launching its Central Coast Division in January of 2018.
Warmington Residential purchased the property from Cravens Lane, LLC. The parcel is approved for 31 Coastal Farmhouse-inspired homes ranging from 1,261 to 2,289 sq. ft. in 3 product types: flats, townhomes and detached single-family. Four of these are moderate income homes set aside for qualified applicants. As a residential enclave, Seahouse willfeature a natural spring, a community pavilion with fire pit and outdoor seating and gathering areas, mature, preserved heritage trees, community gardens, and pocket park.
Escrow closed in January 2019 and the sales price is confidential. An entity affiliated with The Resmark Companies is the joint venture equity partner.