SAN RAMON, CA, Feb. 06, 2018 (GLOBE NEWSWIRE) -- The True Life Companies (TTLC) is pleased to announce the first two sales of home sites at its 199-acre, 976-unit Sterling Meadows master-planned community in Elk Grove, CA, a highly regarded suburb of Sacramento. The first 60 home sites were sold to national builder K. Hovnanian Homes, which closed in mid-December. The second set of 69 home sites was sold to Richmond American Homes, which closed in mid-January. These two closings are part of three recent bulk transactions in the North Village phase of Sterling Meadows, with a total of 460 lots. The third sale of home sites is currently in escrow.
According to Aidan Barry, Senior Vice President of Development, TTLC, “The sale of these home sites to K. Hovnanian and Richmond American are excellent examples of our company’s commitment to deliver developed lots on time, and on budget, to the industry’s premier home builders.”
Homes at North Village will include five product types to be offered by three different home builders, and will be designed to address the needs of both entry-level and first-time move-up buyers. The remaining home sites are expected to close escrow in the coming months, with model homes for the new neighborhoods opening by the middle of 2018. Prices will likely initially range from the mid-$300,000s to the $500,000s.
The timing of these releases is expected to help address the pent-up demand for new housing in the Sacramento area. As of November 2017, the Sacramento Association of Realtors® reported just 1.7 months of for-sale housing inventory versus 3.4 months nationally. In general, a supply of six months is typically considered balanced. At the same time, the group reported a median single-family home sale price of $348,250, up 7.2 percent over the previous year and almost 79 percent higher since the same month of 2012.
A primary factor driving the increase in home prices is the lack of new housing. Between 2012 and 2016, based on building permit totals from the Census Bureau, population estimates from the California Department of Finance and an average household size of 2.7 persons, the four-county Sacramento Metropolitan Statistical Area (MSA) averaged just over 5,000 permits per year against a need for about 7,800. In total, just from this five-year period alone, potential housing demand outpaced supply by over 14,000 units.
“To address this chronic housing shortage, The True Life Companies is investing heavily in the Sacramento region, with over 700 future home sites in our pipeline,” said Scott Clark, Chairman and CEO, TTLC. “We’re also looking to convert under-utilized infill properties to a residential use, thereby helping to meet the immediate demand for buildable lots by home builders, homebuyers, and local municipalities.”
Sterling Meadows is adjacent to The Outlet Collection at Elk Grove, a regional retail center expected to be completed in 2018, and which will include over 100 shops as well as a 14-screen movie theater, outdoor dining and a children’s play area. Also in planning next door to The Outlet Collection is the Wilton Rancheria Resort casino, which will include a 12-story, 302-room hotel and spa, convention center, six restaurants and bars as well as a 110,260-square-foot gaming floor. Located just one quarter-mile from Highway 99, residents of the community will enjoy an easy commute to job centers throughout the Sacramento area.
At Sterling Meadows itself, work is already underway on a unique community park with a music theme developed in collaboration with the local Community Services District. With over $5 million invested, the 13.7-acre park will open in 2018 and include facilities for soccer, basketball, tennis, volleyball, fitness stations and a tot lot, but that’s just the start.
“In order to create a unique sense of place for the entire community, the music theme is present throughout the park, with interior pathways resembling the treble cleft, which is a key musical element,” explained Aidan. “Even the play areas and water play areas are envisioned to contain music-themed equipment, while both the plazas and water play areas will have musical notes and symbols inlaid into the pavement.”
In order to carry the theme beyond the park, street names are also tied to music, with the exception of one key street to be named for a fallen military veteran of Elk Grove.
Future home site development at Sterling Meadows is also included in the South Village, with a total of 486 lots, which TTLC is planning to develop and market for sale starting in 2018.
“With national new home sales recently rising by the largest amount in 25 years and the highest total in over 10 years, we are well-positioned to provide ongoing home site inventory to the industry’s best builders,” added Clark.
The True Life Companies is composed of a team of highly successful residential real estate professionals who work together with property owners, municipalities, and local stakeholders to address the need for sustainable housing options in high-need communities. The company seeks to establish suburban and urban infill housing options that are the result of insightful research, innovative planning and creative collaboration. TTLC is headquartered in Denver, Colorado, with offices in Folsom, California; San Ramon, California; and Scottsdale, Arizona.
For more information regarding TTLC's property portfolio, please visit www.TheTrueLifeCompanies.com.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/bfff8a10-7138-431d-9f32-8c5f3a5d1d26
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f42a03f6-1ae3-466a-9e11-0f50bcdd5455