A land bank subsidiary tied to private equity firm TPG Angelo Gordon has acquired a historic vineyard in Saratoga for $109.7 million, setting the stage for a new residential development. Documents filed July 1 with the Santa Clara County Recorder’s Office confirm that Essential Housing Asset Management acted through an affiliate to complete the purchase of the 12.1-acre property located at 14001 Chester Ave.
Lennar Homes, a major residential builder, is listed in the grant deed as collaborating with Essential Housing on the site. The land, which began operating as a vineyard around 1920, was previously purchased in June 2025 for $30.6 million by an entity controlled by Thomas J. Wilson, Dustin T. Mannina, Sachneel Patel, and Jeffrey Bader.
The original proposal from the Wilson-led group envisioned a larger 231-unit project named Vineyard One at the intersection of Chester Avenue and Allendale Avenue. Following negotiations with Saratoga planners and local leaders, the scope of the development was reduced. The current plan outlines a 64-unit housing complex.
According to Saratoga planning files, the development will include 52 single-family homes available for sale and 12 accessory dwelling units. The affordable housing component consists of six units rented to very low-income households and six rented to moderate-income households. The timeline for the completion of these rental units has not been disclosed.
The Saratoga City Council approved a final map for the development on May 6, clearing a significant regulatory step. Essential Housing is expected to gradually sell the units to Lennar after the builder secures sales of the single-family homes.