The investment landscape of the “panhandle area” is evolving, according to the Sacramento Business Journal, as TPG Angelo Gordon secures a significant parcel of land earmarked for a substantial residential development. Property records and city plans indicate that the site is set to accommodate 810 homes.
Last year, Sacramento city officials greenlit a development blueprint calling for 810 single-family residences spread over two parcels spanning 187.5 acres, precisely matching the land involved in the recent transaction. An affiliate of TPG Angelo Gordon based in Scottsdale, Arizona, completed the purchase for $13.2 million.
The property, formerly an unincorporated area of Sacramento County, was annexed by the City of Sacramento in 2018 at a great cost to the Rio Linda Elverta Recreation and Parks District. It is designed to include educational and recreational amenities, featuring a school, a public park, and various open spaces. The detailed plans submitted by Seven West Capital earlier this year reveal further development specifics, including 467 homes across five designated villages within the project, occupying just over half of the total lots acquired.
These villages will offer a variety of housing sizes, ranging from 1,744 to 3,380 square feet. Notably, no homebuilding firms have been linked to the development yet. Historically, TPG Angelo Gordon, known for its alternative investment strategies, frequently acquires large tracts of residential lots to later parcel out to major homebuilders such as Lennar Corp. and D.R. Horton Inc. for construction.
You must be logged in to post a comment Login