June 2006
San Diego, California — Lennar Homes of Southern California, Inland Empire Division finalized its purchase of 114 large, single family lots from Opportunity Properties and Oxford Asset Corporation in one of Southern California's most desirable Inland Empire locations, the City of Murrieta.
Located west of Winchester Road, at the westerly terminus of Hunter Road, and bounded by Warms Springs Creek, in the City of Murrieta, the project, 'Hunter's Ridge', will consist of 114 single family lots, 10,000 sq. ft. minimum lot size, and 120 acres of open space. The open space will be donated to the City of Murrieta in an effort to help the City maintain its compliance with the Multi-Species Habitat Conservation Plan (MSHCP) adopted by the County of Riverside. Because of the uniquely large lot sizes, property elevation which offers views of the Murrieta Valley and surrounding mountain ranges, and the abundance of open space, Lennar Homes will have the opportunity to provide home sites to a "move up" sub-market niche not currently being serviced by any other builder in the market while offering exceptional value to its customers. Home sizes planned for Hunter's Ridge range in size from a 2,965 sq. ft. single story up to 4,607 sq. ft. two story with four-car garages. These large homes will also offer unique, "upscale" architecture, many upgrades and amenities not traditionally found in the product currently being offered on the customary 7200 sq. ft. lots that dominate the region. Lennar is scheduled to begin selling homes from the mid $600k's to the mid $700k's in Hunter's Ridge during the Spring of 2007.
Opportunity Properties, Ashland, Oregon, and Oxford Asset Corporation, Irvine, California, jointly acquired the property in 2004 and were responsible for obtaining the tentative map approvals on a 40 acre portion of the site. Additionally, the partnership assembled the 120 acres of open space and obtained the environment and grading permits prior to the completion of the sale to Lennar.
Raphael A. DiBianco, GW Realty Co., represented the Buyer and the Seller in this transaction.
GW Realty Co. specializes in residential land brokerage and valuation consulting throughout Southern California and has completed 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.
For additional information regarding this transaction or other Inland Empire opportunities please contact us at GW Realty Co., 858-622-7171.