$3,240,000

The subject property consists of two parcels totaling approximately 9 acres. There are currently plans for a 216-unit multi-family development called “Senna Community.” The unit mix consists of 9 studio units, 90 1 bed/ 1 bath units, and 117 2 bed/2 bath units. The property is zoned R-2, Low density Multiple Family Residential, with a maximum density of 8 du/acre. The General Plan designation is Medium Density Residential with a maximum density of 18 du/acre. The Housing Accountability Act authorizes development on the properties to utilize the higher General Plan Density as opposed to the lower Zoning density. The project proposes to provide 5% Very Low Income units, which entitles the project to a 20% density bonus. The property offers a unique opportunity for a builder to bring much-needed housing to the City of Hemet.