Developer/builder couple Bay Miry and Katherine Bardis-Miry have closed the loop on a residential development site in Elk Grove, selling it with a tentative map included to homebuilder Taylor Morrison.
Telos Greens, 25 acres on Bilby Road near the southern end of Elk Grove, will become 85 homes for the publicly traded homebuilder, Katherine Bardis-Miry stated in an email.
“We purchased the property in 2021 and entitled it with getting tentative map approval in 2022,” she wrote. “We are now working with Taylor Morrison to complete the land development on the property and deliver finished lots.”
A spokesperson for Scottsdale, Arizona-based Taylor Morrison (NYSE: TMHC) referred inquiries to a website showing the company’s planned new homes for sale in Elk Grove.
That site, however, didn’t show any projects in the area that corresponded to Telos Greens, south of Bilby Road between where it meets Bruceville Road and Big Horn Boulevard.
To the northeast, Taylor Morrison has four other active home projects, called Grange at Madeira Ranch, Homestead at Madeira Ranch, Orchard at Madeira Ranch and Prairie at Madeira Ranch. Homes in those projects range from 1,678 to 3,132 square feet, and are listed at starting prices ranging from $564,990 to $844,990.
There’s only one remaining home in the most expensive project, Prairie at Madeira Ranch, according to the site. The other three projects have models open.
Taylor Morrison bought the 85 Telos Greens lots for $9.98 million, according to Bardis-Miry. She, husband Bay Miry and homebuilders Jack Reynen and Christo Bardis bought the land as bare dirt in 2021 for $3.783 million.
The sales differences of more than $6.2 million means the sellers made a return of more than 164% on the deal.
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