D.R. Horton has purchased 329 new home lots at Verano, a 1,362-unit master-planned community of entry-level homes in Cathedral City, Calif. The builder will acquire and develop the entire lot package in phases, and intends to break ground on its first phase of low-maintenance, entry-level homes in early 2019.
Verano is one of the few sources of improved lot projects for entry-level home buyers in California’s Coachella Valley. Once built, the community will include a recreation center with a clubhouse, pool, fitness center and meeting rooms, as well as a three-acre park.
“There are very few, if any, opportunities for budget-conscious families, young professionals and empty nesters to get into quality housing in the western Coachella Valley,” said Erik L. Christianson, senior vice president for The Hoffman Company, who brokered both sides of the deal. “Verano is the best-located FHA mortgage price-band option within Riverside County, and it offers easy commutes and convenient access to all this region has to offer.”
According to the NAHB’s formula to determine the impact of single-family housing in typical metro areas, 329 new single-family homes are expected to generate $94.4 million in local income, as well as $11.8 million in taxes and other revenue and 1,296 local jobs.
