The 3,654-acre Richmond Ranch, located near San Jose, has been recently acquired by The Conservation Fund (TCF), a nonprofit organization dedicated to preserving land and water in the United States. Z&L Properties, a China-based residential property investor and developer, sold the ranch for $16 million. Kidder Mathews’ Scott Vix, David Wientjes and Skip Whitney represented Z&L Properties in the transaction.
Situated along Coyote Ridge which is home to numerous endangered species, Richmond Ranch has long been a conservation priority for various nonprofits and government agencies. Despite an appraisal value of $35 million dollars for the property,Z&L Properties chose to sell at a discounted price.
According to Kidder Mathews,the sale was met with enthusiasm from both parties as it allowed TCF to achieve their conservation goals while placing profits as secondary importance.Z&L expressed their commitment towards supporting communities where they build housing through this transaction structure.The purchase was made possible with financial support from The Gordon and Betty Morre Foundationandthe Wildlife Conservation Network.
Vix commented,”Z&L’s decision showcases their dedication towards conserving open space.”
