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Joint Venture Acquires 160 Acres of Land in Stockton, CA
HG Capital, LLC (“HG”), investing with Mill Creek Development (“MCD”), is pleased to announce its investment in approximately 160 acres of residential land in Stockton, CA. HG provided substantially all of the equity for the transaction while the remainder came from an MCD co-investment. HG and MCD capitalized the project assuming an investment duration of several years without the need for debt.
The project consists of the acquisition, entitlement, and eventual sale of approximately 1,100 single family lots. The purchase price was attractive, representing a small fraction of what similar land had sold for during the past several years. Located in the Bear Creek East Specific Plan in North Stockton, the site is within the preferred Lodi School District and enjoys easy access to Interstate 5 and Highway 99.
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