In late January, escrow closed on a $2,325,000 purchase of the 3.87-acre parcel known as Green Heron Springs, 1300 Cravens Lane, owned by Cravens Lane, LLC, according to Redfin. When the check cleared, Warmington Residential and their joint venture equity partner the Resmark Companies were the new owners.
The residential development project, approved in 2005 and again in 2017 by the city of Carpinteria Planning Commission, will now be known as Seahouse, and features 31 coastal farmhouse-inspired homes ranging from 1,261 to 2,289 square feet, including flats, townhomes and detached single-family homes. Four of the Seahouse units will be moderate income homes set aside for qualified applicants. As a residential enclave, Seahouse will feature a natural spring, a community pavilion with a fire pit and outdoor seating and gathering areas, mature, preserved heritage trees, community gardens and a pocket park. The new owner/developers anticipate model completion in the fall of 2019.
Established in 1926, the Costa Mesa-based Warmington Residential is part of the Warmington group of companies, a privately-held, full-service real estate organization that manages residential home building, entitlements, community development, apartment construction, acquisitions, interior design and apartment and commercial property assets. The various Warmington homebuilding companies have built more than 40,000 homes throughout California and Nevada. Currently, Warmington Residential has three home building divisions including the Southern California Division in Costa Mesa, the Central Coast Division in Ventura, and the Northern California Division in San Ramon.
Founded in 1995, and headquartered in Los Angeles, Resmark is a fully integrated residential real estate investment group. The Resmark Companies’ divisions—Resmark Land and Housing, Resmark Apartment Living and Resmark Impact Ventures—finance, acquire, develop and manage real estate in California, the Western United States, Texas, the D.C./Mid-Atlantic region, and other select major metropolitan markets nationwide. To date, Resmark has participated in more than 220 investments encompassing over 34,000 single-family and multifamily residential units and has committed approximately $3.4 billion of capital.