K. Hovnanian Closes First Phase of Single Family Lots in Sacramento County
Irvine, CA (May 13, 2019) — K. Hovnanian has completed its first acquisition towards a total of 78 single-family residential lots in Sacramento County, CA. The Seller, Cosumnes River Land, LLC, was represented by Land Advisors Organization, a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets.
The Property is located just west of Highway 16 and southeast of Murieta Drive in the Unincorporated Area of Rancho Murieta, which is just 25 miles from downtown Sacramento. According to Jim Radler, Senior Vice President at Land Advisors, “Rancho Murieta has been a well-kept secret, but not any longer. There’s been a surge in commercial and hotel developments adjacent next to the K. Hovnanian Property that have drawn attention to the area: the brand new, four-star Murieta Inn and Spa and Bel-Air anchored shopping center that is scheduled to open in 2019.”
Situated along the Cosumnes River, the new home community is approximately 15 acres and has a Recorded Final Map for 78 single-family residential lots and a minimum lot size of 5,500 square feet. “The resale pricing has been very strong and been confirmed by K. Hovnanian’s initial interest list. Development is starting immediately on this Property, and I strongly believe that the project will sell out very quickly,” concludes Radler.