Natomas lots sell for more than $12 million

Homebuilder K. Hovnanian has bought more than 60 lots in North Natomas for future single-family homes, totaling $12.4 million.

According to records, the New Jersey-based builder bought 36 lots at 430 Dnieper River Way for $9.08 million, and another 30 lots at 4472 Adriatic Sea Way for $3.32 million. Both sales closed in mid-November. Shea Homes LP, another homebuilder, is listed as the seller for the Dnieper River lots, while Natomas Investors LLC is listed as the seller for the Adriatic Sea lots.

Dnieper River Way in North Natomas, where homebuilder K. Hovnanian bought lots.

Both groups of lots are in different “villages” city maps from 2006 refer to as Natomas Central, constituting most of the land southeast of where El Centro Way meets Del Paso Road. That development area ends east of the Sacramento River.

K. Hovnanian is already active in the neighborhood, with communities called Retreat at Westshore, Village at Westshore and Paseo at Westshore. The builder’s site lists homes in all three developments as starting in the low $300,000s.

The builder did not immediately return a call for comment on the two sales. The neighborhood, like many in Natomas, has much of the infrastructure already in place, such as sidewalks and streetlights. The one-two punch of the housing crash and a building moratorium in Natomas stopped many projects there from 2008 until last year, when the moratorium was lifted.

Another builder, Irvine-based CalAtlantic, also closed escrow on lots in mid-November, buying 14 parcels at 2710 Chuckwagon Lane in Rocklin for $1.83 million. Sunset Ranchos Investors LLC is listed as the seller in that deal.

Article and image provided by: Sacramento Business Journal


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