Real Estate Round Up

June 24, 1999

July 1, 1999

July 8, 1999

Real Estate Roundup

Ayres Land Co. has completed sales transactions exceeding $100 million in the past 12 months, according to Keith Horne, co-founder with Bill Hamlin in 1994 of the San Diego-based land developer.

"We've enjoyed a considerable appreciation in the value of our real estate portfolio in the past year," Horne said. "Virtually every area of San Diego has reported a healthy increase in population from 1997 to 1998. This will continue to fuel the demand for new housing, which fuels the demand for residential lots."

One of Ayres' projects is Sunbow, a 500-acre community in Chula Vista that will have 2,000 residential units at buildout.

Fieldstone Communities has acquired 218 lots at Sunbow and Shea Homes has purchased 112 lots. Those initial 330 lots were valued at more than $30 million.

In May 1999, Kaufman & Broad acquired 203 residential lots at Sunbow, and in June, an affiliate of Chelsea Investment Co. purchased a 4.14-acre lot as the site for an affordable 132-unit apartment project for seniors. The Kaufman & Broad finished lots had a value of more than $18 million.

Ayres reports two other Sunbow properties in escrow; a 10-acre site for a neighborhood shopping center; and an 8-acre site for 160 apartment units.

In late 1998, Standard Pacific Corp., in conjunction with Fieldstone Communities, acquired Mariana, the remaining Carlsbad asset Ayres sold for $17 million. The property includes 150 residential lots and a site for a 26-unit apartment.

In Escondido last year, Ayres sold for $6 million, to various developers, a series of commercial lots on La Terraza Boulevard along Interstate 15.

Ayres also has been active elsewhere.

Late last year, the company sold Copper Canyon, a 900-lot community in Murrieta. Sheffield Homes bought 256 lots and a joint venture of Centex Homes, and Standard Pacific Corp. bought 657 lots. The two transactions were valued at more than $28 million.

In Ontario, the company recently sold an 88-acre industrial site for $6.85 million. The buyer plans to build more than 1 million square feet of industrial space.

MSK Development Group of Carlsbad said the city of Hemet has approved an amended vesting tentative map, the specific plan and the general plan amendment for a 1,775-home development to be built around an 18 hole golf course. The project is being developed by Heartland/MSK Realty Ventures LLC, headed by Heartland LLC of Seattle and MSK.

Groundbreaking is scheduled for late summer. Although an official name has not yet been picked, the project has been known as Heartland Village since Heartland and related entities acquired it in 1987.

A temporary information center is planned to open in October, with models slated to open in the spring of 2000. Homes are expected to range from 1,350 to 2,500 square feet. Prices are expected to start in the mid-$100,000s.

The golf course facility will include an approximately 18,000-square-foot clubhouse, a swimming pool and spa, tennis courts, paddle tennis courts and additional sports facilities.

MSK Development is a land developer and home builder established in 1992 by Joseph A. Gallagher, president. Gallagher was president of the Southern California Division of Leisure Technology and responsible for Leisure Village Ocean Hills in Oceanside.

Ryland-Southern California reports the seventh phase consisting of eight homes has been released at The Meadows in Rancho San Vicente in Ramona. The new release is priced from $229,990 to $260,990. So far, 73 of the planned 123 homes have been sold. Three floor plans range from 2,011 to 2,455 square feet with three bedrooms.

Techbilt Construction Corp. is releasing four model homes for sale at its Del Lago on the Greens in Lomas del Lago Estates in Escondido. One single- and three two-level floor plans range from 1,730 to 2,447 square feet and are priced from $360,000 to $420,000, There are also eight homes ready for move-in priced from $345,000 to $435,000.

Heritage HomeBuilders Inc. has moved to new, larger headquarters at 2651 La Mirada Drive, Suite 100, in Vista. The company employs 18 at its corporate office. Currently the company is marketing single-family home projects at Heritage Country Estates in Hemet, Riverglen in Rancho Viejo, Heritage Country Estates in Valley Center. The Cliffs at Calavera Hills, a detached condominium project in Carlsbad, will hold its grand opening this month.

Barratt American reports 29 of a planned 150 homes remain at its Mirada on the Green at Moreno Valley Ranch in Moreno Valley. The homes are priced from $218,990 to $272,490. Two-story floor plans range from 2,248 to 3,262 square feet with three to five bedrooms.

June 24, 1999

July 1, 1999

July 8, 1999