CalAtlantic Acquires Specific Plan Property
Irvine, CA December 18, 2017 – CalAtlantic Homes has acquired a total of 856 lots in Fontana, CA. Land Advisors Organization, a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets, represented JW Mitchell Land Company.
The Property is a Specific Plan approved for the development of 347 townhomes, 190 garden courts, and 319 single family detached lots with lot sizes ranging from 4,000 square feet 10,000 square feet, as well as a recreational center, a park, and open space. The community is located on the northwest corner of Summit Avenue and Sierra Avenue, to the north of Sierra Lakes golf course.
Doug Jorritsma, Senior Vice President at Land Advisors, explains, “Land Advisors has been intimately involved with the project since 2003 through the entitlement process and now the disposition. Summit at Rosena represents one of the last remaining projects of this magnitude in the upscale area of Fontana, north of the 210 and east of the 15 freeways.” The Specific Plan is unique to Fontana, as it is intended to respond to the public demand for a variety of residential product types and lot sizes within an amenity-rich planned community setting. Winn Galloway, Senior Vice President at Land Advisors, adds, “This project serves as an opportunity to develop high quality residential housing in a high growth submarket in Southern California. The pent-up demand for residential product in the more affordably priced Fontana area positions the asset for long-term growth.”
The development will offer walking and bike paths, exercise stations, landscaping, and parking—adding a pleasant visual amenity for the project with both active and passive-use recreational areas. Jorritsma finishes, “CalAtlantic embraced the city’s vision for the community and is excited to control a pipeline of lot inventory along this corridor.” The transaction comes shortly after the merging of CalAtlantic Homes and Lennar Homes.
For more information regarding this transaction, please contact Doug Jorritsma directly at (949) 656-8004 or Winn Galloway directly at (949) 656-8016.
Jennifer Kearby, Marketing Associate
Land Advisors Organization