The New Home Co. buys lots from Richland Communities for Elk Grove project
Homebuilder The New Home Co. has taken the next step on one of its largest local projects, scooping up what will be more than 500 homes in Elk Grove.
Records show the company’s Roseville office bought what will be 527 home lots in Arbor Ranch, a development area in south Elk Grove, north of Bilby Road and west of Big Horn Boulevard.
In June, New Home’s Northern California President Kevin Carson said he expected the company would be more active in the Sacramento region and less so in the Bay Area.
According to records, New Home Co. (NYSE: NWHM) bought the Arbor Ranch lots for $34.8 million, among the biggest single deals this year for future home lots. The seller, in records as WSI Poppy Ridge LLC, appears to be affiliated with Richland Communities, which did not return an inquiry Thursday seeking comment.
Information provided by New Home Co. stated that future homes in Arbor Ranch, all single-family, will range from about 1,450 to 3,660 square feet, with up to five bedrooms and 5 1/2 bathrooms. Homes will be both single story and two stories, across four neighborhoods.
The first homes in Arbor Ranch should be available in about a year, suggesting construction getting underway soon or in early 2024. The company said the project is currently in early planning stages. Pricing for those homes has not been released.
In addition to that and another project in Elk Grove, Long Meadow, New Home currently has active housing projects in El Dorado Hills, Folsom, Rocklin and Roseville.
