FOLSOM, CA – The True Life Companies (TTLC) is pleased to announce the sale of 86 home sites to builder Richmond American Homes in the community of Galt, CA, a suburb serving both Sacramento and Stockton.
Richmond American Homes, one of the most respected and largest public home builders in the country, plans to start building on the 59-acre site in early 2022, and has contracted with TTLC Development LLC to complete horizontal development and deliver finished lots just in time for home construction. The building parcel, located approximately one quarter-mile from Highway 99, is adjacent to existing residential neighborhoods, and was previously used for dairy and farming operations.
This sale will complete the second of two land transactions in Galt originally owned by the Cardoso family, and developed by TTLC into home sites for builders. The first sale, which was completed in 2019, included 69 home sites for KB Home’s actively selling Pieridae community next door. Besides being well-situated for commuters to both the Sacramento and Stockton metropolitan areas, the community will offer convenient access to local shopping, schools and recreation in the small-town community of Galt.
Aidan Barry, TTLC Executive Vice President, said the following: “This successful transaction is another example of The True Life Companies’ commitment to create attainable housing so that our children, and grandchildren, can live and prosper where we do. The way in which we acquired the property, secured the entitlements and sold the project demonstrates our core value ‘Partnership Driven Period’, as demonstrated in our relationships with the Cardoso family, the City of Galt’s Council and staff, as well as Richmond American Homes. Our Sacramento team deserves all the credit.”
A primary factor driving the increase in home prices in California is the lack of housing, specifically new housing. These new home sites in Galt, as well as others planned by TTLC in conjunction with Richmond American and other builders, are expected to continue addressing the pent-up demand for new housing in both the greater Sacramento and Stockton areas.
As of April 2021, the Sacramento Association of Realtors® reported just 0.7 months of single-family housing inventory for sale versus 2.4 months nationally, and is down by more than half from the timeline of 1.8 months a year ago. A six-month timeline is typically considered a balanced market. At the same time, the median single-family home sales price reached $489,500 up 1.8 percent from March and 22.4 percent year-over-year.
In San Joaquin County – which includes the Stockton area – the California Association of Realtors® reported just 1.7 months of single-family housing supply in April 2021 versus 2.8 months during the same month of 2020. The median sales price rose to $490,000 in April, up 7.0 percent from the previous month and 24.1 percent year-over-year.
As with the first sale of the adjacent home sites to KB Home two years ago, these new 86 sites will provide more than just new housing. These new neighborhoods will strengthen the community of Galt by adding to the tax base, and improving city services available to current and future residents. Those planning to eventually return to using public transit will also be able to commute to jobs between Galt and Sacramento with several options via South County Transit, while the nearby Lodi train station provides access to the entire Amtrak network.
“The greater Sacramento market has been growing for some time, with stronger development noted in early 2019, which has continued through 2020 and today,” said Scott Clark, Chairman and CEO, TTLC. “In support of this increased demand, The True Life Companies is continuing to invest in the Sacramento region to bring more housing to this under-served market. With over 2,200 future home sites in our pipeline we remain committed to working with property owners and cities to convert obsolete or undeveloped property, or under-utilized commercial, retail and industrial property, to residential use for our builder partners such as Richmond American Homes.”
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 critically-needed attainable housing solutions in our metro regions. TTLC seeks to establish suburban and urban housing options that are the result of insightful research, innovative planning, and creative collaboration. TTLC is headquartered in Denver with offices in San Ramon, Folsom and Irvine, California.