June 9, 2005
San Diego, CA — Sea Country Homes has purchased 55 approved duplex lots on 5+/- acres in the bedroom community of Grand Terrace, California.
The site, located on DeBerry Street consists of two older structures. These homes are anticipated to start in the low $300,000's.
Sea Country Homes, based in Carlsbad, California builds entry level to move up product throughout Southern California. Founder Robert "Buck" Bennett and CFO Tom Akins were actively involved in the acquisition process.
Hearthstone Advisors, provided the debt and equity for this project.
The Seller, NBD Development, based out of Manhattan Beach, California specializes on in-fill entitlement and development.
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. Due to the decreasing supply of available development properties, GW Realty Co. is continually searching for and finding development opportunities 'flying below the radar'.
Graham G. Weiss exclusively represented the Buyer and Seller in this transaction. 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 graham@dirtdeals.com.