Ideally Positioned for Emerging Market Demand
Avanti Properties Group, in conjunction with the Rancon Group, has acquired a prime piece of residential real estate along Antelope Road in the heart of Menifee, a city that is projected to become the largest in Riverside County, according to the County General Plan.
The 30-acre property, once known as Christensen Ranch and now referred to as Lytle Ranch, has an approved final map, semi-finished graded lots, and all off-site improvements in place. Lytle Ranch was acquired in January after more than 16 months of due diligence and negotiations with the bank that had taken title to the property though foreclosure.
The property includes a recorded final map for 327 attached single-family units. In addition, the Rancon Group acquisition team has contemplated an alternative layout that would allow 295 detached single-family units. A revised design, which has received some preliminary support, would utilize all of the existing infrastructure.
“Lytle Ranch offers a truly unique opportunity that not only is well located with a final map and infrastructure, but also one that offers flexibility in marketing the site in response to future demand,” said Jim Lytle, Managing Director of the Rancon Group. It is understood that the previous owner had invested more than $27 million in land, entitlements and improvements. The Rancon/Avanti team was able to acquire the property at just over 20-cents on the dollar, according to Lytle.
“Jim and his team did an excellent job of due diligence on the property and in working with the City to improve the plans for it,” says Rancon Founder Dan Stephenson. “This is an area that has great potential and is destined to be one of the population centers of Riverside County in the near future. Our property there will meet the much needed demand for entry-level new buyer housing.”
Lytle Ranch is located along Antelope Road, near Mt. Jacinto College Menifee Campus and several major shopping centers including the new Menifee Countryside Marketplace.
“This project will be an excellent fit for entry-level homebuyers as well as homebuyers looking to scale down from a larger home,” says Lytle. “It’s close to numerous amenities, great shopping and the college. It’s in an ideal location.” Lytle says the plan for Rancon is to hold the property for a timely sale to a merchant builder.
“With the market moving as fast as it is we don’t know how long we will hold this property,” says Lytle. “Median home prices are going up steadily in Menifee and demand is on the rise. Basically, with the final map already recorded a homebuilder could break ground tomorrow on the condominium project, or could submit architectural plans to the City for detached homes. Either way, it’s an excellent project well-positioned for this emerging market cycle.”
Headquartered in Murrieta, California, The Rancon Group is a multi-faceted real estate development organization that acquires, entitles and improves large parcels of land for sale through a proven partnership business model. Founded in 1971, the Rancon Group has formed hundreds of public and private partnerships as limited liability companies (LLCs), joint ventures and limited partnerships (LP) that have raised more than $500,000,000 in investor capital. The Rancon Group currently controls more than 2,800 acres of residential and commercial properties worth an estimated $280,000,000.
Based in Winter Park, Florida, Avanti Properties Group is one of the nation’s largest firms dedicated to land investment, development, and finance. For more than 30 years, Avanti has focused on well-located sites in large and growing metropolitan areas. Today, Avanti owns land that can accommodate over 43,000 dwelling units in its residential holdings alone.