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California  + Bay Area  + Apartments  | 
Dinerstein Purchases Santa Cruz Luxury Apartments for $52M

Dinerstein Purchases Santa Cruz Luxury Apartments for $52M

Newmark has arranged the sale of Five55 Apartments, a new 94-unit luxury apartment complex in Downtown Santa Cruz. The firm’s Scott Bales represented the seller, Swenson Development & Construction in the reported $52 million deal. The buyer was Dinerstein Companies.

Located at 555 Pacific Avenue, the four-story property is in a high barrier-to-entry submarket, with access to restaurants, retailers, the beachfront, UC Santa Cruz and Santa Cruz Beach Boardwalk. The 4-year-old complex includes 5,000 square feet of ground-floor retail and a below-grade parking structure with 100 spaces.

“Five55 is one of the newest multifamily developments centrally located along Pacific Street in Santa Cruz, which has seen some of the most demand growth of any market in Northern California since COVID,” said Bales in a news release.

Community amenities at Five55 include a fitness center, community room with pool table, a coffee bar, EV car charging, fire pits and a 20,000-square-foot rooftop deck.


Inside The Story

Dinerstein CompaniesSwenson Development & ConstructionNewmark's Scott BalesFive55 Santa Cruz

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Sale/Acquisition