TRUCKEE, CA-LDK Capital LLC, a Sacramento-based real estate investment and development company, has acquired 81 completed homesites at the Gray's Crossing community here. According to Denton Kelley, principal of LDK Capital LLC, the community is located in “one of the most serene areas in North Lake Tahoe.
“The opportunity to own within a master planned community where all of the infrastructure and amenities are complete provided a compelling investment,” Kelley says.
In 2013 LDK plans to relaunch the Gray's Crossing community with “revitalized energy” beginning with a new marketing campaign and release of home sites. Tahoe Mountain Resorts Real Estate will continue to serve as the exclusive listing brokerage and marketing team for LDK Capital LLC at Gray's Crossing.
With the purchase of the remaining lots at Gray's Crossing, LDK Capital plans to add another community to its Northern California portfolio. LDK Capital has invested in various properties throughout northern California including the conversion of McClellan Air Force Base into McClellan Business Park.
In October 2012, LDK bought a H.J. Heinz Co. plant in Stockton with the intention of remaking it into a distribution and warehousing facility, according to a prepared statement. In addition, LDK Capital is the developer and owner of the 4000 acre Stanford Ranch master planned community in Rocklin, CA.
Gray's Crossing is a recreational community set on 700 acres of secluded forest with six miles of public hiking and biking trails connecting residents to Truckee's commercial core. The community is centrally located in the North Lake Tahoe area providing access to Northstar California, Squaw Valley and Alpine Meadows mountain resorts and only a fifteen minute drive to the North Shore of Lake Tahoe.
Tahoe Mountain Club will continue to own and operate the Golf Club at Gray's Crossing, the swim and fitness center, and PJ's Restaurant.
GlobeSt.com could not obtain further transaction details by deadline, but Tahoe seems to be a hot spot for investors as of late. As GlobeSt.com reported, Kennedy Wilson and its partners just acquired the Ritz-Carlton, Lake Tahoe and the Ritz-Carlton Residences, Lake Tahoe from the property's lenders free and clear of existing debt.
In other mountain news, the Douglas Wilson Cos. has completed the $11.25-million receivership sale of 3,240 acres of Sierra Nevada land rich in history and biodiversity to two conservancy groups. On Dec. 20, the Truckee Donner Land Trust and the Trust for Public Land, working together as part of the Northern Sierra Partnership, acquired the property off Interstate 80 near Lake Tahoe in what Perry Norris of the Truckee Donner group called “arguably one of the most important conservation victories for the Sierra in a decade.”
Included in the sale are the Royal Gorge Cross Country Ski Resort with its 3,000-plus acres of trail systems and the Summit Station day lodge as well as the surrounding watershed area of Serene Lakes, the area around Lake Van Norden, and 350 acres of pristine land in Negro Canyon.
The property's lender, Armed Forces Bank N.A., successor by merger to Bank Midwest N.A., sought the appointment of a receiver in 2011 after the partnership of Kirk Syme and Mark and Todd Foster defaulted on a $16.7 million loan. They had proposed the development of a 950-unit recreation-centered conservation community, including trailside cabins, condominiums, single family homesites, new ski areas and lodging, using sustainable and low-impact design in and around what is known as America's largest cross country ski resort, according to a prepared statement.
But planning constraints related to availability of public services such as water, sewer and access, a concerted community effort to “Save Donner Summit” and the real estate crunch were too much for them to overcome, says the release. The sale was handled by Tom Olson and Alan Scott, who lead the Douglas Wilson Companies' brokerage division.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
