Homebuilder Taylor Morrison nets hundreds of Elk Grove lots in $45 million land deal
Homebuilder Taylor Morrison has landed a $45 million, 700-lot deal for future home sites in south Elk Grove that planners say is the city’s biggest real estate transaction in the last two years.
“The overall transaction, as far as the total acreage and scope, it was the largest (residential) project we had this year and the largest we’ve presided over in the last two years,” Elk Grove Planning Manager Antonio Ablog told The Sacramento Bee on Thursday.
Taylor Morrison teamed with worldwide developer Varde Partners on the $44.8 million deal for the future home lots, first reported Thursday by the Sacramento Business Journal.
The Elk Grove sites bordered to the east by Highway 99 and north by Whitelock Parkway stretch from Poppy Ridge Road to Kammerer Road. The land is inside Elk Grove’s sprawling Southeast Policy Area, the 1,200-acre master plan area for the final large-scale development planned in the city.
Taylor Morrison officials declined to discuss details of the deal Thursday, telling The Bee in a brief statement that they are “finaliz(ing) development details and next steps.”
Many of the lots reside in the Souza Dairy Development, the 375-acre parcel once home to the Souza Dairy operation and a major puzzle piece of the Southeast Policy Area plan.
Amendments to the Souza parcel received final city approvals in August, setting the stage for as many as 3,600 new homes as builders quench demand in one of Northern California’s hottest real estate markets.
This story was originally published October 8, 2021 at 1:58 PM.
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