TRUCKEE, Calif. - A Sacramento company has acquired 81 completed homesites at the Gray's Crossing community, officials announced Tuesday.
According to a press release from Paragon PR, real estate investment and development company LDK Capital, which bought the sites, plans to re-launch the Gray's Crossing community with a new marketing campaign and release of home sites in 2013.
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. Terms of the deal were not disclosed.
"We see substantial value in Gray's Crossing located in one of the most serene areas in North Lake Tahoe," said Denton Kelley, principal with LDK Capital in a statement. "East West Partners has created a first class community that offers an unparalleled value proposition. The opportunity to own within a master planned community where all of the infrastructure and amenities are complete provided a compelling investment. We look forward to fulfilling the vision for this great neighborhood."
According to the release, 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. In addition, LDK Capital is the master developer and owner of the 4,000-acre Stanford Ranch master planned community in Rocklin.
"The combination of LDK's experience and energy have created a new day for Gray's Crossing," said Jeff Brown, vice president of sales and marketing for Tahoe Mountain Resorts, in a statement. "We could not be more excited to work with LDK and re-introduce this reinvigorated community to families who will establish roots here."
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, according to the press release.
"Tahoe Mountain Club sees great value in working with LDK Capital in rebranding Gray's Crossing. Tahoe Mountain Club will be providing an exceptional collection of amenities for Gray's Crossing residents enhancing the ownership experience," said Blake Riva, managing partner with East West Partners and owner of Tahoe Mountain Club, in a statement.