Deal Breaker - Sperry Van Ness

American Property Strikes Again

admin — Fri, 04 Sep 2009 22:23:31 +0000

American Property Enterprises negotiated the July 2009 acquisition of a 35 acre unimproved site near Menifee, California. Known as Copper Skye Townhomes, the site has tentative map entitlements for 378 townhomes. The property was acquired by an investment group in which American Property Enterprises’ principals are significant investors. The purchase from Bank of America was for $1,700,000 or $4,500 per lot. The bank had foreclosed on the original builder which paid $18,750,000 for the site and had spent an estimated $2-4 million plus in costs and fees. The final engineering, architecture and final maps are virtually complete with the final map ready to record.

The site has 2,500 feet of street frontage on the south side of Newport Road within the Winchester Hills Specific Plan about 2.5 miles east of I-215. The site is easily accessible via Newport Road from the I-215 and I-15 freeways, and is close to abundant retail and service businesses as well as recreational amenities. American Property Enterprises is a 24 year old San Diego-based investor-developer of residential and commercial/industrial properties that also has property management capabilities. The company is actively pursuing distressed commercial and residential real estate as well as performing and non-performing loans.

For more information, contact American Property at 858-546-7474.

Pacific Communities Acquires Finished Lots – Palmdale

admin — Mon, 24 Aug 2009 03:59:22 +0000

Pacific Communities (Nelson Chung, Principal) has acquired 40 finished lots located in Palmdale. The lots are located at the SWC of 70th St W and Avenue M. Recorded information shows that the transaction closed on July 24th, 2009. The Seller in the deal was an LLC formed by TPMC Real Estate of Dallas, TX (David Weinreb, Principal). TPMC is rumored to have acquired the note on the property from the previous lender. The Trustee’s deed showed an outstanding balance of over $13 million at foreclosure. The transaction price for the sale to Pacific Communities is unknown.

Pacific Communities owns various parcels in the immediate vicinity of the site.

The deal was brokered by Randy Coe and Michel Faris of Park Place Land Advisors. Faris and Coe can be reached at 949-852-8288.

Pacific Communities can be reached at 949-660-8988.

Gabrych Trust Acquires 35 Acres of Commercial/MDR – San Jacinto

admin — Sun, 23 Aug 2009 17:55:05 +0000

The Gabrych Family Trust has completed its acquisition of +/-35 acres located in the City of San Jacinto. The land is located at the corner NWC of Cottonwood and Sanderson and is zoned for Medium Density Residential and Community Commercial. The seller in the deal was AW Properties (Allen Weingarten, Principal), the Rancho Santa Fe based lender and developer. Recorded information shows that AW Properties had previously been the lender on the deal and that there was an outstanding balance of over $4 million on the loan at time of foreclosure. The transaction price for Gabrych’s purchase of the 35 acres is unknown.

The Gabrych Family Trust has been active as both a Buyer and Seller in the market.

Global Investment Acquires Finished Lots – Cathedral City

admin — Sun, 23 Aug 2009 17:31:30 +0000

Global Investment and Development (Aaron Rivani, Principal) has acquired a number of finished lots located in Cathedral City. The seller in the deal was an LLC formed by Wessman-Gonzales (John Wessman, Mario Gonzales, Principals). The project is known as Campanile, and the deal closed escrow on June 25, 2009 according to recorded information.

Global Investment has been an active player in the vulture market. We previously reported Global’s acquisition of 95 acres located in the City of Palmdale, which was purchased from a consortium of banks.

Global can be reached at 213-365-0005.

Trumark Closes Lake Forest Deal, Silver Oak Provides Equity

admin — Thu, 13 Aug 2009 21:05:43 +0000

Trumark Homes has closed a deal for up to 75 planned residential units on 11.84 acres of land in Lake Forest. The property was acquired from the Whisler Family Trust and closed on August 3, 2009. According to a press release on the deal, Silver Oak Investors provided the equity to close the transaction. We previously reported Silver Oak acquiring 29 finished lots in Lake Forest that are located within one mile of Trumark’s acquisition.

The total purchase price for the transaction was $4.8 million.

Trumark has been an active player in the vulture market and acquired a development deal in Upland earlier in the year.

The deal for the land in Lake Forest was brokered by David McSwain of the Hoffman Company. McSwain represented both Buyer and Seller and can be reached at 949-553-2020.

Trumark can be reached at 949-788-1990.

KeyBank Offers REO Portfolio in High Desert

admin — Sun, 09 Aug 2009 07:25:00 +0000

An LLC controlled by KeyBank has selected Randy Coe, Michel Faris, and Winn Galloway of Park Place Land Advisors to market a multiple property portfolio in the Victor Valley. The portfolio consists of a mix of finished lots and final mapped lots in Hesperia, Victorville and Adelanto. The REO portfolio consists of broken builder loans for partially complete projects.

Project	City	# of Lots	Improved Condition
Daybreak IV	Adelanto	45	Finished
Canterbury Hills	Victorville	62	Finished
Sorrento Hills	Victorville	184	Finished
Barcelona Heights	Hesperia	163	Unimproved
Copper Crest V	Hesperia	50	Finished
Sage Point II	Hesperia	58	Finished

KeyBank was among the first major banks to circulate portfolios of distressed assets to the market in early 2008, though very little was sold at that time. IndyMac Bank was the other major player with large portfolio of distressed assets last year, though IndyMac failed and was taken over by the FDIC before any significant amount of that portfolio was sold.

Interested parties seeking details on the KeyBank High Desert portfolio can contact Randy Coe. Randy is available at 949-852-8288 x 18.

Continental East Closes Three Deals, Looking for Additional Opportunities

admin — Thu, 06 Aug 2009 19:29:33 +0000

Al Rattan, President of Continental East Trading (Truong Pham, Chairman), reports that the company is still interested in the Inland Empire. Continental East has already acquired three deals this year and continues to look for opportunities in Corona, Chino, Rancho Cucamonga or Fontana.

We previously reported Continental East acquiring 108 paper lots in Menifee from RC Hobbs. In addition to the lots in Menifee, CET has acquired a controlling interest in the Sweetwater Ranch project in French Valley, as well as a mixed use development project in Temecula.

Distressed opportunities can be directed to Al Rattan at 951-340-9292.

ING Disposes of Mix of Finished Lots, Standing Inventory – Victorville

admin — Thu, 06 Aug 2009 19:12:06 +0000

An LLC formed by ING Bank has disposed of 17 units of standing inventory, 51 finished lots, and 36 rough graded lots in Victorville. The Buyer is rumored to be the Nejedly Trust of Riverside, CA. Recorded information shows that the the deal closed escrow on July 10.

The project is located east of 7th Avenue and south of Ottowa Street in Victorville.

We previously reported ING disposing of a mix of standing inventory and finished lots in Palm Springs.

The deal was brokered by Justin Esayian and Aman Lal of the Hoffman Company.

Esayian and Lal can be reached at 949-553-2020.

Bank of America Disposes of 294 Paper Lots – Victorville

admin — Thu, 30 Jul 2009 18:00:27 +0000

American Property Enterprises has closed another distressed asset deal. The property consists of 294 paper lots located in Victorville. The seller was Bank of America. The land is located east of Aster, 1/2 mile north of Bear Valley, in Victorville. The site is +/-80 acres.

We previously reported American Property Enterprises having re-purchased one of their former deals (see this link).

The deal for the Victorville lots was reportedly for $775,000, which works out to be $2636/lot. The deal closed on July 13, 2009.

Howard Hamlin of Hamlin-Gooding was the broker for the bank on the deal. Howard can be reached at 562-537-5840.

American Property Enterprises can be reached at 858-546-7474.

RY Properties Acquires 206 Planned Condo Units – Rancho Cucamonga

admin — Thu, 30 Jul 2009 01:09:59 +0000

Sperry Van Ness – Mimi Song Realty Group is pleased to announce the successful closing of another REO land deal. RY Properties (Robert Yu, Principal) has acquired 206 approved condo units (TTM lots) from Sterling Savings Bank in a deal that closed on July 23. The land is located on Foothill Blvd, south of Redhill Country Club. The deal was for all cash and closed at original contract price.

RY Properties has been an active Buyer of distressed assets dating back to last year. RY acquired a number of finished lots in Victorville from Richmond American Homes.

The deal for the 206 TTM lots in Rancho Cucamonga was brokered by John Reeder of Sperry Van Ness. It was the fifth deal this year in which Reeder represented Sterling Savings in a sale of land or finished lots. Mimi Song Realty Group has partnered with Guardian Management (Karlin Conklin, COO) in representing Sterling Savings in several Southern California deals. MBK Consulting (Mohammad Kashani, Principal) provided consulting services to the Bank during the sale. First American provided title and escrow.

RY Properties can be reached at 626-282-3100.

John Reeder can be reached at 951-847-6928.