Mosaic 147 – Santa Rosa

MOSAIC 147 is a +/- 4.92 acre site entitled for a 147 unit multifamily apartment development located in Santa Rosa, CA. The local housing market has historically been undersupplied which was further exacerbated by the Tubbs fire in 2017 which destroyed over 3,000 homes in the city. The subject property is located in an infill location with easy access to the 101 freeway and walking distance from a Costco and Target anchored retail power center.

McKellar McGowan entitled the project over several years under an extended escrow prior to Kraemer Land Company’s involvement. As they approached the close date, McKellar McGowan brought in Kraemer Land Company as a joint-venture partner to provide the equity to acquire the land. The business plan is to secure a grading permit, process construction drawings and either sell the land or secure an institutional partner to build the project.