New Growth Living Opens Sacramento SFR

This is the city’s first build-to-rent development.

Tanzanite Homes Ribbon-Cutting Photo
Left to right: JDA Architects & Planners’ Chelsea Richardson, Sacramento Metro Chamber of Commerce’s Robert Heidt Jr., New Growth Living’s Dan Nethercott and Peter Johnson, City of Sacramento’s Monika Lee, The Bugatto Group’s David Bugatto, at the ribbon-cutting ceremony. Image by Phil Kampel, courtesy of New Growth Living

Texas-based New Growth Living has opened Tanzanite Homes, a 211-unit, single-family rental community in Sacramento, Calif. The property became subject to a $40 million construction loan from Arbor Realty Trust in 2021, Yardi Matrix data shows.

According to the developer, Tanzanite Homes is the first build-to-rent development in Sacramento. New Growth Living partnered with Rockpoint Group and Montgomery Street Partners for the project.

The community comprises one-, two- and three-bedroom floorplans, ranging from 726 to 1,501 square feet. Most units are part of duplexes, but there are eight detached single-family houses as well.

Designed by Jeffrey DeMure + Associates, the homes feature in-unit washers and dryers and smart-home technology, along with private fenced yards, detached garages with EV charging stations and home offices for select units. Common-area amenities include a fitness center, swimming pool and outdoor barbecue, together with a 2,800-square-foot clubhouse.

Located at 2490 Quiet Trail Lane, in the Natomas neighborhood, Tanzanite Homes is near the intersection of interstates 5 and 80, as well as roughly 7 miles from downtown Sacramento. The property is also some 6 miles from Sacramento International Airport and 10 miles from Sacramento McClellan Airport. Natomas Marketplace shopping mall is within walking distance of the community.

Last year, 27,500 single-family rental units came online nationwide, an all-time high for the asset type, according to Yardi Matrix data. Out of the 20 most active metros, 14 hit 10-year highs for SFR inventory growth.

Meanwhile, more than 31,000 SFR homes are slated for completion in 2024, which would account for roughly 6.2 percent of multifamily deliveries.

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