Riverside County Residential Land Portfolio

Riverside County R esidential
Land Por tfolio
+460 ACR ES – 6 PRO PERT I ES
N
AT
HEMET
TH
EW
S
RO
HIG HW AY 74
HIGHWAY 74
AD
MENIFEE ROAD
INTERSTATE 215
M
SUN CITY
MCLAUGHLIN
SOUTH
VILLAGES SOUTH
DOUBLE BUTTE
PARK
STONE CREEK
SIMPSON ROAD
MENIFEE
VILLAGES NORTH
EUCALYPTUS GROVE
WINCHESTER
CREEKSIDE
DOMENIGONI PKWY
HIGHWAY 79
NEWPORT ROAD
DIAMOND VALLEY LAKE
E X ECU T I V E SU M M A RY
Holliday Fenoglio Fowler, L.P. is acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740
EXECUTIVE SUMMARY
ROR ROAD
E M PE
N
EUCALYPTUS
GROVE
MCLAUGHLIN
SOUTH
CREEKSIDE
MCLAUGHLIN SOUTH
EUCALYPTUS GROVE
VILLAGES OF
WINCHESTER
SOUTH
STETSON AVENUE
LEON ROAD
Riverside County Residential Land Portfolio
VILLAGES NORTH
Y 74
STONE CREEK
VILLAGES OF
WINCHESTER
NORTH
HI GH WA
STONE CREEK
STOWE ROAD
HIGH WAY 79
UE
STESON AVENUE
G
AVEN
RAND
N
N
N
SIMPS ON ROAD
CREEKSIDE
MC LA UG HL IN RD
N
OLIVE AVENU E
N
VILLAGES SOUTH
2
EXECUTIVE SUMMARY
THE OPPORTUNITY
HFF, as exclusive advisor to Long Wharf Real Estate Partners, is proud to present the Riverside County Residential Land Portfolio comprised of ±460 acres and planned
for 1,704 lots/units in six land parcels in Riverside County, California. Other than Creekside, which consists of 141 improved lots, most of the Portfolio is in an unimproved
state. These sites are primed for new residential development as the Menifee area continues to expand eastward. Situated around the base of the Double Butte Park,
the Portfolio encompasses scenic topography and a natural amenity. The Portfolio has an advantageous location in Riverside County, which is the 2nd fastest growing
county in California.
I NVESTM ENT H I G H LI G HTS
•
iverside County has continued to grow at a rapid pace, with a population
R
growth rate of 7.8% from 2010-2015; it was the 2nd fastest growing county in
California over the past 5 years.
•
enifee is one of the fastest growing communities in the state and is continuing
M
to grow eastward toward the Properties.
•
epleted residential development areas of Temecula and Murrieta have made
D
Menifee and its surrounding communities the next path of growth to flourish
•
ew home sales in the Menifee-Perris-Winchester area have continued to
N
increase along with the economic recovery. As the new home market continues
to improve, annual sales are projected to average 1,100 homes per year over
the next year five years.
•
rowth in Menifee has already attracted many of the top national and regional
G
homebuilders.
•
he Portfolio surrounds Double Butte Park, which is a large mountain park
T
that provides a natural amenity for the Portfolio that includes hiking trails and
scenic topography.
RIVERSIDE COUNTY RESIDENTIAL LAND PORTFOLIO
NO.
1
PROPERTY
Creekside
2
3
ESTIMATED RESIDENTIAL LOTS/UNITS
ENTITLEMENT STATUS
SCHOOL DISTRICT
30.28
1411
Final Map
Hemet Unified
2
McLaughlin South
72.90
91
Improvement Plans
Perris Union High & Romoland Elementary
3
Eucalyptus Grove
39.83
166
Tentative Tract Map
Hemet Unified
4
Stone Creek
70.93
301 (199 SF, 102 Condo)
Design Review
Hemet Unified
5
Villages of Winchester North
156.66
541
Design Review
Hemet Unified
6
Villages of Winchester South
89.50
464 (350 SF, 114 Condo)
Design Review
Hemet Unified
460.10
1,704 TOTAL LOTS/UNITS
(1,488 SF, 216 CONDOS)
TOTAL
1
LAND SIZE ACRES
2
3
112 of the 141 lots are estimated to be developed at +$78,000 per residential lot
591 was the original planned lot count, however, this will likely decrease to 541 lots in accordance with the Proposed Highway 79 Realignment
A General Plan Amendment was filed to change the property to Medium Density Residential (2-5 DU/Acre) from the existing 2 acre minimum lotsize requirement
Riverside County Residential Land Portfolio
3
ARIAL OVERVIEW
N
IN T E R S T
MCLAUGHLIN
SOUTH
ATE 215
HIGHW AY 74
BR
S
IGG
RO
HIGHW AY 74
AD
VILLAGES
NORTH
VILLAGES
SOUTH
DOUBLE BUTTE PARK
STONE CREEK
GRAND AV
ENUE
EUCALYPTUS
GROVE
S IM P S O N R
OAD
HI
G
HW
DOME
NIGON
Riverside County Residential Land Portfolio
CREEKSIDE
O L IV E A V E
79
SALT CR
EEK CHA
NNE
AY
O L IV E A V E
L
I PKW
Y
4
CREEKSIDE
N
IN T E R S T A
TE 215
MENIFEE
DOUBLE BUTTE PARK
GR
AD
N RO
O
E
L
O
LI
VE
SIM
A
VE
PS
ON
RO
AN
D A
VE
N
UE
D
AD
O
M
EN
IG
O
N
KW
IP
CREEKSIDE
Y
Riverside County Residential Land Portfolio
5
MCLAUGHLIN SOUTH
N
IN TE RS TA TE 21
5
HI
GH
MENIFEE
LAKES
W
AY
CHASE
MIDDLE
74
M E N IF E E
ROAD
HERITAGE LAKE
M
CC
ALL
BLV
D
MESA VIEW
ELEMENTARY
B IG G S
MA
TTH
S
EW
RO
AD
ROAD
HERITAGE HIGH
DOUBLE BUTTE PARK
MCLAUGHLIN SOUTH
Riverside County Residential Land Portfolio
6
N
EUCALYPTUS GROVE
SI
M
PS
O
N
RO
A
D
EUCALYPTUS GROVE
Riverside County Residential Land Portfolio
7
N
STONE CREEK
DOUBLE BUTTE
PARK
GR
AN
D
E
AV
NU
E
STONE CREEK
LE
Riverside County Residential Land Portfolio
ON
RO
AD
8
N
VILLAGES OF WINCHESTER NORTH
HEMET
HI
HI
GH
Y
WA
74
PROP
OSED
HIGH
WAY
VILLAGES OF
WINCHESTER
NORTH
HIGH
Riverside County Residential Land Portfolio
74
79 RE
ALIGN
MENT
STO WE RO AD
FOUR SEASONS
GH
Y
WA
VILLAGES OF WINCHES TE R
SOUTH
WAY
79
9
VILLAGES OF WINCHESTER SOUTH
N
DIAMOND VALLEY LAKE
R
STO WE RO AD
PR
O
PO
SE
DH
79
HWAY
IG
LIGN
EA
VILLAGES OF
WINCHESTER
SOUTH
VILLAGES OF
WINCHESTER NORTH
Riverside County Residential Land Portfolio
T
MEN
HIG HWA Y 79
DOME NIGON I PARKW AY
DOUBLE BUTTE
PARK
WINCHESTER TRAILS
10
NEW HOME MARKET OVERVIEW
MENIFEE-PERRIS-WINCHESTER NEW HOME MARKET OVERVIEW
•
he Menifee-Perris-Winchester area has already been established as a growth
T
market for many of the top national homebuilders including CalAtlantic Homes,
Richmond American, Pulte Homes, Lennar Homes, as well as other national
and regional homebuilders.
However, there will be some demand for homes priced above the $400,000
price point.
•
In west Riverside County, the Menifee-Perris-Winchester area has continued to
be the second strongest submarket in terms of total new home sales over the
past three years. This is second to only the Murrieta-Temecula area which is
reaching a depletion of lot inventory and will further boost growth in the MenifeePerris-Winchester area.
•
ew home sales are projected to continue increasing, with an average of 1,100
N
homes per year over the next five years.
•
New Home Demand by Price Point
he Winchester area alone is Projected
T
projected
to average 350 new homes annually
Menifee-Perris-Winchester Area and Winchester Broken Out
2018-2020
and this number might increase
further if the homes in nearby Menifee continue
Projected New Home Demand by Price Point (2018-2020)
Average Annual Sales
40%
to see price increases.
Menifee-Perris-Winchester
Winchester
•
he average sales price has Under
T
risen$250,000
each year since70 2011 and5%has averaged
50
280 of increase
20% is projected
125
10% annual increases over the$250,000-$300,000
past 3 years. The rate
$300,000-$350,000
490
35%
105
to moderate with new home prices
rising at an annual
2% to55 4%
$350,000-$400,000
350 rate between
25%
$400,000 and Over
210
15%
15
over the next 5 years.
Price Range
Total
•
# of Homes
1,400
% Distribution
100%
# of Homes
% Distribution
14%
36%
30%
16%
4%
350
100%
he underlying demand factors for the Menifee-Perris-Winchester area remain
T
strong and indicate that a pent-up demand for new homes exists, particularly in
the price ranges around $400,000 and below. More specifically, homes priced
between $250,000 and $350,000 are projected to capture 66% of the market.
Riverside County Residential Land Portfolio
35%
30%
25%
20%
15%
10%
Menifee-Perris-Winchester
Winchester
5%
0%
11
Riverside County R esidential
Land Por tfolio
+460 ACR ES – 6 PRO PERT I ES
EXCLUSIVE MARKETING ADVISORS
Holliday Fenoglio Fowler, L.P. (HFF) and HFF Securities L.P. (HFFS) are owned by HFF, Inc.
If you have any questions or require additional information,
please contact any of the individuals below.
(NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
BILL FISHEL
Director
T 310.407.2129
bfishel@hfflp.com
CA License #01966166
MATTHEW STEWART
Real Estate Analyst
T 310.407.2140
mstewart@hfflp.com
CA License #01956812
HFF together with its affiliate HFFS offer clients a fully integrated national capital markets
platform including debt placement, investment sales, equity placement, advisory services,
loan sales and commercial loan servicing. For more information please visit hfflp.com or
follow HFF on Twitter @HFF.
HFF has been engaged by the owner of the properties to market them for sale. Information
concerning the properties described herein has been obtained from sources other than
HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees
and agents makes any representations or warranties, express or implied, as to the accuracy
or completeness of such information. Any and all reference to age, square footage, income,
expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used
by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability
HFF California
10250 Constellation Blvd., Suite 1000
Los Angeles, CA 90067
T 310.407.2100
hfflp.com
that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The
information contained herein is subject to change.