Lafferty Communities Buys 440 Acres In San Ramon, Plans 786 HomesMarch 14, 2012 1:28 pm
By Bianca Torres, San Francisco Business Times
Homebuilder Lafferty Communities bought a 440-acre property known as the Faria Preserve in San Ramon where it plans to build up to 786 single-family homes.
The seller was Faria-AJF Partnership LP.
“The Faria Preserve was a complex transaction that had fallen through a number of times before with different parties who were unable to close,” said Cameron Fowler, a broker with the Hoffman Co., who worked on the deal. “Lafferty Communities deserve a lot of credit in underwriting and understanding the opportunity that led to this purchase.”
Faria Preserve is a master-planned community in the hillsides on the northwestern edge of San Ramon.
Lafferty, which builds home developments throughout California, plans to start construction on the homes in 2014 and begin selling units in 2015.
The homebuilder has two new home developments in Livermore that will begin selling units next summer.
Hoffman is a land broker that specializes in Northern California. In the past three years, Fowler has sold more than 2,500 lots valued at more than $100 million and has a deal pipeline totaling more than $50 million.
“There’s not a lot of available land in the Bay Area, let alone entitled,” he said. “We strategically assist buyers and sellers in identifying residential development opportunities in supply constrained markets within close proximity to job centers.”
See the original article at the San Francisco Business Times.