A group of real estate investors and professionals purchased 1,200 acres of the California community in an all-cash transaction, which includes two golf courses with a training center, 700 undeveloped acres, 24 properties, and a four-acre complex. The new owners have not yet revealed plans for the property, which went on the market three years ago.
A group of locally based real estate investors and professionals has bought 1,200 acres in the resort community of Rancho Murieta (Calif.), including two golf courses and a training center, and 700 undeveloped acres from the original master plan for the project, the Sacramento Business Journal reported.
The investors bought a portfolio of 24 properties that also includes a 4-acre complex used by the previous owner, the Pension Trust Fund for Operating Engineers Local #3, and its development affiliate, Rancho North Properties.
Ken Noack Jr., who brokered the deal on behalf of the seller, said the property became available about three years ago, when interest in development was at a notable low, the Journal reported.
“It’s been an interesting sales process, but it’s gone well,” said Noack, senior vice president for land services with Cornish & Carey Commercial Newmark Knight Frank. Noack is unaware of the new owners’ plans for the property, and the owners did not share those plans in a press release announcing the all-cash sale, which closed August 9, the Journal reported.
The buyers’ group includes Cosumnes River Land, deRegt Development, Allan Davis and Nancy Emerson-Davis, Whal Properties, Live Oak Legacy, Paul and Cindy Frank of PDF Properties, Poelman Construction, Carol Anderson Ward and Lone Pine Investments, and is listed as the acquiring entities under the names Rancho Murieta Properties, LLC; Murieta Club Properties, LLC; and Training Center Investors, LLC, the Journal reported.
Ramey Osborne of Camray Marketing acted as the buyers’ agent, while McMorgan & Co. provided real estate advice to the trust and NY Life Real Estate advised Rancho North Properties LLC, the Journal reported.
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