Richmond American Homes Purchases 81 Lots In Laguna Ridge Master Plan
Irvine, CA January 4, 2017 – Richmond American Homes has acquired 81 single family lots within McGeary Ranch, a community within the Laguna Ridge Master Planned Community. Land Advisors Organization, a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets, represented the Seller, Richland Communities, and the Buyer, Richmond American Homes, in the transaction.
Phase 1 of the community is comprised of 81 single family residential lots, with lot sizes ranging from 5,000 to 9,800 square feet. Phase 1 sprawls over approximately 16 acres and is located in the southwest portion in the city of Elk Grove. “Richmond American Homes should benefit from a lack of new home projects in the Laguna Ridge Master Plan and see tremendous success given the communities historical new home sale numbers,” says Jim Radler, Senior Vice President at Land Advisors Organization.
Over eight architectural styles are within McGeary Ranch’s design guidelines, which include styles like English Country, Farmhouse, and Bungalow, and will disperse throughout the neighborhoods to create a visually diverse community. The various styles fulfill the need to offer single story and/or two-story homes within the Laguna Ridge master planned community on larger lot sizes.
McGeary Ranch will appeal to millennials who are relocating to Elk Grove for its close proximity to the prevalent STEM job market in Sacramento and Apple’s Elk Grove campus. The modern homes with energy efficient amenities are anticipated to keep millennials rooted in the city. Recently ranked #2 by Smart Assest’s “Millennials and Homeownership” list, Elk Grove has one of the highest percentages of millennial homeownership rates, coming in at approximately 60%— a number that has stayed consistent since 2006. Elk Grove is one of three other cities that made the top 25 list, but is a staggering 20% higher than both California cities referenced on the list.
Radler concludes, “Given the superb amenities within the community, we will continue to see a constant millennial surge from the Bay Area and anticipate the millennial numbers to grow stronger through 2018 and beyond.”
Jennifer Kearby, Marketing Associate
Land Advisors Organization