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.