K. Hovnanian Acquires 48 SFD In Midst of Socioeconomic Boost
Irvine, CA December 6, 2017 – K. Hovnanian Homes has acquired 48 single family lots within the Bellevue Ranch Master Plan in Merced, CA from Ethan Conrad Properties, Inc. Land Advisors Organization, a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets, represented the buyer and seller.
The Property, known as Reverie, features 48 single-family detached finished lots in the city of Merced. In recent years, the city of Merced has seen a positive impact in socioeconomics, as job and education opportunities have increased a growth that naturally requires new developments to meet the need of a growing economy. Reverie is one of few developments in the area to provide housing opportunities to recent residents.
Within walking distance to the Property is the University of California, Merced, a top employer for the city, which has seen an influx of student enrollment within the last 12 months. Enrollment numbers have increased by approximately 400 students, and the rise in numbers has called for an expansion plan that would nearly double the campus in square footage over the next five years. “Since its opening in 2005, the University of California, Merced enrolls more than 7,300 students each year. As a benefit to the City of Merced, the University serves as a major base of advanced research and a stimulus to economic growth.” Jim Radler, Senior Vice President at Land Advisors, comments. If the proposed expansion goes as expected, the plan would generate nearly $1.9 Billion in direct and/or indirect economic investment to Merced and surrounding areas.
Radler finishes, “Over the last 6-9 months, after a very long hiatus, we are finally seeing a resurgence in the Central Valley and this is just further evidence of another public builder making a strong investment in cities like Merced.”
Jennifer Kearby, Marketing Associate
Land Advisors Organization