Chumash Gardens – Case Study Final Project

Project Overview

This was my final project for my class: Case Studies In Real Estate. We were tasked with building a project and modeling it financially. Unlike my other project, Broad Leaf Flats, I didn’t have architects to help with the renderings. Regardless, Chumash Gardens is another project that helped me hone in on my real estate and Excel modeling skills. We presented the project to our class and professor.

Project Details

Executive Summary

Chumash Gardens is a mixed-use affordable housing and hospitality development located on a 10.9-acre parcel at 222 N Frontage Road in Nipomo, California. The site features six residential buildings with 84 townhomes (72 two-bedroom and 12 three-bedroom units), alongside a 160-room Wyndham hotel and a shared community clubhouse. Designed to meet the area’s critical housing needs and boost economic opportunity, the project is built with sustainability in mind—including LED lighting, solar-ready infrastructure, low-flow fixtures, and recycled materials. With a total development cost of $74.35 million, Chumash Gardens is financed through a mix of federal, state, and local funding sources including CDBG, IIG, MHP, and LIHTC equity.

Key Project Stats

• Total Units: 84 total (72 two-bed, 12 three-bed townhomes)
• Hotel: 160-room Wyndham Hotel with 6,000 SF clubhouse
• Site Size: 10.9 acres (475,239 SF)
• Total Development Cost: $74,354,550
• Development Cost Per Unit: $785,307
• IRR: 7.86% overall (7.65% housing, 9.74% hotel)
• Cash-on-Cash Return: 8.44%
• Net Present Value: $53.98 million
• Cost Per SF: $534.88
• Location: 222 N Frontage Road, Nipomo, CA