iStar announced that Spring Mountain Ranch, the first new master plan community in the greater Riverside area in more than 20 years, has closed on the sale of 383 single family lots to KB Home. KB Home began purchasing the lots in late 2014 and has now acquired nearly 90% of the project’s first phase, which consists of 435 total lots.
Development of the first phase began in late 2013. KB Home is building and selling the homes within phase one and opened model complexes for the first two neighborhoods, Mission Gate and Presidio Point, in October 2014. There have been more than 295 closed home purchases since residents began moving in during early 2015, according to an iStar release.
KB Home is offering two distinct neighborhoods in phase one, which consists of 435 single-family residences in total. The residences offer a variety of floor plans and designs to appeal to a wide range of home-buyer needs.
The Spring Mountain Ranch community spans nearly 785 acres and will ultimately be developed with more than 1,400 single-family homes. iStar will develop the community in phases over the next several years.
Planning is underway on the second phase of the community, which will consist of more than 300 additional lots.
