July 12, 2019
D.R. Horton acquired Meadowlark, a 5.7-acre, fully-entitled, vacant site in Murrieta, CA that is planned for 83 townhomes. The seller was American Property Enterprises and Western Residential Opportunity Fund, LLC.
The attached, two-story townhomes range in size from 1,132 to 1,584 square feet, with two to four bedrooms. The southwestern Riverside County site was previously approved for 35 small detached homes, but was rezoned by the city.
Prices are expected to start in the low $300,000s, well within the FHA’s new $431,250 loan limit for Riverside County. The community is expected to be open for sale by early 2020.
The Hoffman Company’s Justin Esayian, who represented both sides, says, “The significance of this new community is that it speaks directly to the need for housing affordability in the Inland Empire. D.R. Horton saw this unique chance to provide entry-level housing options within an area of Murrieta that is dramatically changing.”
Connect Bay Area is coming up next week at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.
For comments, questions or concerns, please contact Dennis Kaiser