±404 Acres with Previous Entitlements Sells Adjacent to Cal State University San Bernardino
Land Advisors Organization is pleased to announce the sale of University Hills. The Property consists of ±404 acres ideally situated in the foothills adjacent to Cal State University San Bernardino. University Hills was approved for approximately 980 residential homesites, as well as 234 acres of open space and other master-planned amenities; however, the entitlements have since expired. The property was sold unentitled and unimproved. The Buyer plans to process a new specific plan.
In the past year, finished lot values in the City of San Bernardino have increased by approximately 10%. While the City of San Bernardino is the most populous in the County, there are few new housing prospects in the submarket. Currently, there is only one actively selling community in the City and there are only a few new communities projected to open within the next twelve months. University Hills will provide important new housing opportunities to an undersupplied submarket.
The West San Bernardino County Land Team of Land Advisors Organization consisting of Doug Jorritsma and Ian Sinderhoff represented the Seller in this transaction. The parties and terms of the deal are confidential.