Union Hill Road and Parrotts Ferry Road - Union Hill Apartment Development/5.34 Acres

This offering consists of 5.34-acres of land in Sonora, CA at the intersection of Union Hill Road, and Parrott’s Ferry, Road (property in County of Tuolumne not City). Seller is motivated with recent $500,000 price reduction, and will consider carrying a note for qualified buyers. The property had a previous conditional use permit #11-010 (now expired) from the County of Tuolumne for the development of an 80-unit multifamily complex. In July of 2024 the County of Tuolumne approved the first update to the Title 17 Zoning Code in 50-years such that the subject property should need only administrative review for approval, with no-public hearing, and no Conditional Use Permit necessary. The subject property benefits from an extremely tight rental market, with under two-percent market-wide vacancy, and the nearby $325 Million dollar Chicken Ranch Casino was opened in July of 2024 creating further demand with the creation of several hundred new jobs and workers in need of housing. The nearby Columbia College has an annual enrollment of 2,132 students (in addition to faculty) and further adds to the demand and need for local housing. The submitted drawings for then Union Hills Apartments (Development Name) are approved for eighty apartment units, a clubhouse, a swimming pool, detached vehicle garages, detached carports, landscaping, utilities, and parking areas. Indications are that the project can be fast-tracked without public review, and potential final approval in as short as six-eight weeks.