355 1st St Los Altos, CA 94022

This is a fully entitled and ready-to-issue land parcel. Years of entitlement risk, plan checks, and environmental mitigations have been cleared. The project will be delivered shovel-ready with the AHA, Final Map, and base monitoring contracts secured. The property allows for a premium 50-unit scale and mix, with density that is extremely rare for this municipality, heavily weighted toward highly desirable, high-value 2- and 3-bedroom floor plans. Superior parking infrastructure includes 113 traditional, non-tandem parking spaces featuring EV charging for every unit and dedicated bike parking. There are zero mechanical stackers or puzzle lifts, eliminating a major friction point for luxury buyers. The property is positioned for luxury buyers, supported by highly relevant recent comparable sales exceeding $2,050 per square foot. The design features a thoughtfully designed 4-story wood frame over subterranean parking. It features a stunning central atrium for natural light and an expansive, programmed rooftop deck flanked by lush greenery and a private dog park. The projected project level IRR is approximately 17.1%, supported by strong market fundamentals and limited new condo supply.