December 28, 2005
San Diego, CA — Lennar Homes has purchased 112; 6,000 square foot lots from Standard Pacific Homes in the master planned community of Heritage Lake located in the unincorporated area of Menifee, Riverside County.
The property, Planning Area 16, is located in phase II of the 2000 +/- unit master plan community that is being co-developed by Standard Pacific Homes and Woodside Homes.
Heritage Lake, which is centrally located at the intersection of McCall Boulevard and Menifee Road will ultimately consist of 19 residential planning areas having various assigned product niches, a 16-acre commercial site, a 20-acre elementary school site, a 20-acre middle school site, 2 neighborhood parks, a 22-acre community park, various paseos and greenbelts, a $4.3 million recreation center and a 25 acre lake.
The seller, Standard Pacific Homes- Inland Empire Division headed by Division President August Belmont, intends to build out the remainder of its portion of the lots in the community.
The buyer, Lennar Homes headed by Division President of land Gary Glazer, took advantage of the opportunity to acquire "ready to go" lots in the fast growing Menifee marketing place. Lennar plans on building single-family homes ranging in size from 1,900 to 2,500 square feet with prices starting in the mid $300,000's.
GW Realty Co. specializes in real estate brokerage and valuation consulting with an emphasis in residential land throughout Southern California, and has over $1.5 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.
GW Realty Co. co-listed the property with the Hoffman Company. For additional information on this transaction or other opportunities in the Inland Empire please contact Graham G. Weiss at (858) 622-7171 or via email at graham@dirtdeals.com.