Blue Mountain Homes has acquired a 28 unit townhome site within the Granite Bay community, and SummerHill Homes has acquired 52 townhome lots within Mountain View, California, according to Land Advisors Organization, which represented the sellers.
The first property, known as “Eureka at Granite Bay,” is located near the northwestern shore of Folsom Lake. The seller was Maverick Partners West. Terms were not disclosed.
Eureka at Granite Bay is comprised of 28 two-story townhomes and offers four floorplans that range in size from 1,978 square feet to 2,600 square feet. All 28 townhomes will feature two-car garages, as well as indoor and outdoor living options, creating an open and elegant sense of living.
Jim Radler, senior vp at Land Advisors, said, “Eureka at Granite Bay offers the community a unique opportunity to construct much needed new housing stock at an affordable price.”
The second property, known as Montecito Place, is approximately 2.77 acres and is currently improved with 52 apartment units, which will be demolished to make way for the new townhome project. The seller was OAMAC Montecito Investment, LLC. Terms were not disclosed.
Montecito Place will feature 3-story townhome style condominiums ranging in size from 1,406 to 1,708 square feet.
Montecito Place.
Steve Reilly, Senior Vice President at Land Advisors explains, “Silicon Valley has continued to be one of the most desired housing communities in the nation fueled by job growth in the tech market. This has led to intense competition for land and has resulted in these types of unique in-fill transactions, in this case re-entitling an existing 52 unit apartment property to 52 townhome units.”
The community is two miles from the Googleplex (Google’s World Headquarters) and approximately 10 miles north of San Jose and 35 miles south of San Francisco,
