New house rental community opens in Lincoln offering two- and three-bedroom models
The first occupants of the rental housing community Cyrene at Meadowlands in Lincoln moved in earlier this month, part of a relatively new real estate trend in the Sacramento region.
While rental property is common in Sacramento, it is less common to see a developer build out a project with the intention of renting the units rather than selling them.
Curve Development of Phoenix is the company behind the development of the 81 two- and three-bedroom homes in Lincoln. This is the company’s second development in Placer County.
Curve’s first rental housing project in Placer County, Cyrene at Fiddyment in Roseville, opened in 2021.
Curve is backed by a major new force in Placer County real estate, New York private equity firm JEN Partners.
JEN made a $100 million investment through Taylor Builders to buy the stalled Placer One Development, near Roseville in August 2021. The development is supposed to include 5,000 housing units and a new second campus for Sacramento State.
What Cyrene at Meadowlands offers renters
The rents at the new Lincoln community run from $2,025 to $3,350 a month for the two story homes on a six-acre site by Gladding Parkway and Avenue C in the city’s Meadowlands area.
A promotional offer of up to a month’s free rent is currently being offered.
Cyrene at Meadowlands sits across several hundred other homes that have developed in Lincoln in the past years, part of an economic boom that has brought thousands of new residents to the Sacramento region.
“We are building single-family for rent homes to feel like a true single-family detached community, where if your friends or family come over they cannot tell if you are renting or owning,” said Nate Pile, president of Curve Development, in a statement in late June.
The homes have three models. They range in square footage from 1,227 square feet to 1,381 square feet. They all contain two-car garages and 2.5 bathrooms, stainless steel kitchen appliances and kitchen islands with room for seating.
Trevor Bane, community manager for Cyrene at Meadowlands, said all homes have an no wall nook, on the first or second floor, to be used as an office, given the trend toward remote work
For outdoor space, the homes only have front yards. While detached, the homes only have a small setback between each other.
While homes are available for immediate occupancy, much of the 6.2 acre site occupied by Cyrene At Meadowlands remains a construction site. The development is not expected to be completed until next March.
Bane said many residents renting can afford to own a home, but they don’t want the hassles.
“People have busy lives and don’t have the time to deal with all that can come with home ownership,” he said.
In other cases, he said, people are in transition, waiting for a home to be built for example, and see living at the Lincoln rental community as a temporary move.
He said another common scenario is people saving the down payment for a house.
“People are done with apartment living, but they’re not quite ready to buy a house,” he said. “That’s a big market for us.”
More information
Tour model units: 9 a.m.-6 p.m. Monday through Saturday and 10 a.m.-5 p.m. Sunday
Location: 1120 C St., Lincoln
