LAKE TAHOE, CA-JMA Ventures of San Francisco has purchased a group of 17 condominiums and entitlements to build another 50 from the Ritz-Carlton Development Co. Deal terms were undisclosed.  The units are located adjacent to the Ritz-Carlton Lake Tahoe, which itself is located on Northstar California, a ski resort on the northern edge of Lake Tahoe near the California-Nevada border. 

Built in 2009 and originally intended as fractional interest properties, the units will now be sold as “full-ownership” condos, according to JMA President Todd Chapman. Prices have not been announced for the two-, three-, and four-bedroom units.

One motivation for the acquisition, according to Chapman, was the purchase last year of the ski resort by Vail Resorts.  “The purchase brings an image-lift and marketing  advantage  to the mountain, because the Vail brand is internationally established,” the hospitality investor says.

Chapman says he is confident that full ownership housing, as opposed to fractional interest, is “the right product” for the current market. “Northern California is doing well with tech and finance, and many people may be interested in owning homes right on the mountain,” he says."Groups of friends can get together and buy adjoinining units, and their children can grow up together."

 In the Tahoe area, JMA already owns Alpine Meadows, Homewood Mountain Ski Resort, and the West Shore Cafe and Inn, as well as Fairmont Heritage Place at Ghirardelli Square in San Francisco; and the Waterbar and EPIC Roasthouse restaurants on San Francisco's Embarcadero district.