Vintara Update

From the Sacramento Business Journal  A long-planned residential development in Elk Grove has a new owner, after two recent property sa...

From the Sacramento Business Journal 

A long-planned residential development in Elk Grove has a new owner, after two recent property sales.

In the end, Folsom-based Elliott Homes owns the 226-acre development site, buying it from a limited liability company associated with Silverado Homes for $20 million.

Neither Elliott nor Silverado returned messages seeking additional information on the sale, which encompassed several parcels and took place in late August.

But the land was originally held by the Sacramento Area Sewer District, which acquired it when the Elk Grove Sanitation District dissolved in 1975.

In 2003, the district declared the land surplus and listed it for sale, said Nicole Coleman, a public affairs manager with the district.

According to sale documents, Silverado, under the name Vintara Holdings LLC, entered a development agreement for the land in 2014, with a project name of Silverado Village.

Under that plan, Silverado Village would have 651 single-family homes in three villages on the property, including 261 for people 55 and older. The latter would also be part of a village with a lodge building of 125 units for independent living, assisted living and memory care.

Sales documents state there’s an active development agreement for the project, though Silverado Village doesn’t appear on Elk Grove’s online list of current development projects.

Records show the sewer district sold the Silverado Village property to Vintara Holdings for $8 million in late August. That was followed by Vintara’s $20 million sale of the same property to Elliott, under the name Sunset Tartesso LLC.

Jarrod Hodgson, a director with land valuation firm BBG in Sacramento, said the differing sales prices may reflect the difference between what the land was worth before Silverado began getting entitlements for it, and afterward. Also, Silverado and the sewer district may have agreed to the $8 million price some years ago, while market conditions have generally improved recently for future home lots, he said.

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