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