(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
SALES
SAN RAMON, CA-The Hoffman Co. has closed the sale of the Faria Preserve property to Lafferty Communities, a private, family-owned developer, in one of the largest land transactions in the East Bay area in several years. Faria Preserve is a roughly 440-acre property annexed in 2009 by the City of San Ramon, the heart of the East Bay real estate market. Construction is projected to commence in 2014 with the first model homes expected to be open by 2015. The Faria Preserve development is a master-planned residential community set among the rolling hillsides on the northwestern edge of San Ramon. It consists of a Tentative Map approved for 786 units ranging from single family detached homes to multifamily apartments. The community also will boast an assortment of public amenities including active parks, open space and natural resource preservation. GlobeSt.com has learned that the total project cost in the acquisition and development of the site is in excess of $100 million.
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