March 5, 2007
San Diego, California/March 5, 2007 — Irvine based homebuilder, Granite Homes, completed its purchase of 72 single-family, 7200 square foot, finished lots within the Potter Ranch Community in San Jacinto, CA for an undisclosed amount. The entire project, consisting of 263 single-family lots, is to be shared with Costa Mesa based homebuilder Alexander Communities who was the master developer and Seller in the transaction.
Ideally located just to the south of the Sanderson Avenue, (Hwy 79), and Ramona Expressway intersection, Potter Ranch provides homebuyers with easy access to the areas major transportation corridors, employment centers and an array of proposed commercial / retail projects. Nestled at the foot of the San Jacinto Mountains, Potter Ranch is a blend of charm, style, and distinct architectural design on behalf of both Builders. The community will also offer a neighborhood park with youth-sized soccer fields, basketball courts, and children play areas.
Granite Home's project, 'La Veranda', offers four uniquely classical architectural one and two story floor plans ranging in size from 2400 square feet up to 3335 square feet with up to 5 bedrooms, 3 baths, great rooms and 3 car garages. Sales are underway and models are currently open. Base pricing ranges from the low-mid to high $300's. For additional information please visit: www.granitehomes.com.
The Seller, Alexander Communities, acquired the property in 2004 with an approved Tentative Map that needed to be reworked and continued the entitlement efforts through Final Map. Likewise, they also served as the master developer for Potter Ranch and, in addition, undertook the monumental task of leading the building efforts for area-wide master planned sewer and storm drain facilities which will ultimately service a multitude of currently existing and future residential, commercial, retail and industrial developments.
Alexander Communities is currently offering four beautifully appointed one and two story floor plans ranging in size from 2242 square feet up to 3163 square feet with up to 7 bedrooms, 4 baths, and a 3-4 car garage. Four distinctly different architectural styles offered include, Ranch, Spanish, Traditional, and Santa Barbara. Base pricing ranges from the low-mid to high $300's. Sales are underway, Models open and Phase 2 has been released. For additional information please visit: www.alexandercommunities.com.
GW Realty Co. specializes in real estate brokerage and valuation consulting with an emphasis in residential land throughout Southern California, and has been involved in over $2 billion in transactions since 1993. A non-traditional real estate firm, GW Realty Co. concentrates their efforts on key relationships with a select group of clients and properties. Due to the decreasing supply of available development properties, GW Realty Co. is continually searching for and finding development opportunities.
For additional information regarding this transaction or other Inland Empire opportunities please call us at 858.622.7171.