This Property consisted of a 40-acre orchard that also had two underlying General Plan designations, high and low density residential. Highland Partners Group worked with the City of Turlock and received approval of 155 single family lots on approximately 35 acres of the site. The remaining high-density portion of the parcel was approved for 84 apartments, which was acquired and constructed by a builder partner. In this instance, we executed a “Joint Venture Development Agreement” with the underlying property owner that yielded sales proceeds to the landowner that were significantly above fair market value at the time.
