CRP Affordable Housing & Community Development Acquires Development Site In Elk Grove For $3.3M

The development site located at 8310 Poppy Ridge Road in Elk Grove has been sold for a price of $3,300,000. The buyer of the property is CRP Affordable Housing & Community Development, while the seller is The Suyenaga Family Trust represented by Michael Suyenaga. Alberto J. Guardado from Real Estate Collective Group served as the buyer's representative in this transaction.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,300,000
• Address: 8310 Poppy Ridge Road, Elk Grove
• Market: Elk Grove

Pardes Phase 1, a project with a total cost of $54,537,923, is set to begin construction in Q1 2024. The first phase will consist of 96 units, with phase 2 completing the remaining units to reach a total of 220. It's worth noting that Real Estate Collective Group played a pivotal role in acquiring over 1,000 developable units within a mile radius of Pardes. Currently, 607 units are under construction, all of which are LIHTC (Low-Income Housing Tax Credit) projects.