April 3, 2007
San Diego, California/April 3, 2007 — For an undisclosed amount, award winning home builder, John Laing Homes - Inland Division, completed its purchase of 19.5+/- acres in a premier location within the City of Fontana, California, from San Diego based apartment builder, Fairfield Residential LLC.
The property, subdivided into a 201 unit project called, "Grapevine at Sierra," will consist of 120 motor-court townhomes with 5 floor plans ranging from 1,334 sq. ft. up to 1,622 sq. ft. and 81 triplexes with floor plans ranging from 1,079 sq. ft. up to 1,534 sq. ft. Models are scheduled to commence in September, 2007 with sales beginning in February, 2008. Prices have not yet been determined.
Ideally located north and east of the 210 and I-15 interchange at Beech Avenue, "Grapevine at Sierra," will provide homebuyers with ideal access to the area's major transportation corridors, key employment centers, retail and commercial centers, and the eagerly anticipated 40 acre Fontana Park. The community will also be served by the highly regarded Etiwanda School District.
During the eighteen month escrow period, John Laing Homes was responsible for leading the entitlement efforts for the project obtaining Tentative Map approval and processing the final engineering. Headquartered in Newport Beach, California, John Laing Homes has become one of the largest privately held homebuilders in the nation with 11 divisions operating throughout California and Colorado.
The Seller, Fairfield Residential LLC, acquired the property for the purposes of developing and building an apartment community. However, due to the high demand for high density 'for sale' housing, Fairfield sought to sell the project selecting John Laing Homes because of the company's outstanding reputation. Fairfield Residential LLC is a leader in the multi-family home industry and is consistently ranked among the largest multi-family home developers, builders, and redevelopers nationwide.
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 unique development opportunities.
For additional information regarding this transaction or other Inland Empire opportunities please call Scott Goligoski at 858.622.7171 or via email to, scottg@dirtdeals.com