Lennar has acquired a 7.9-acre site of entitled land located within the Spring Mountain Ranch Specific Plan in California’s Riverside County from Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments. Shopoff entitled the project, Spring Mountain West, for 72 single-family detached homes. Terms were not disclosed.
Spring Mountain Ranch is a 785-acre master plan, which Shopoff originally entitled in 2003.
“Shopoff sold the Spring Mountain Ranch Master Plan in 2003 and retained the 7.9-acre portion of the original property, which was then planned for commercial uses. We believed a residential product would provide more value and also better compliment the neighboring residential developments, so we re-entitled the property for residential uses,” explained Shopoff Realty Investment CEO William Shopoff.
Shopoff EVP John Santry added, “We are pleased that we once again entitled a project with qualities that attracted a prominent home builder such as Lennar, and are eager to see the positive impact the new homes will have on this growing community.”
Entitlements secured for the Spring Mountain West property include a tentative tract map for 72 single-family detached condominium homes. A courtyard cluster project, the two-story units will range from approximately 1,500 to 1,800 square feet, and be clustered in groups of four or six units. Currently, the site is graded, with all street frontage improvements completed.
