Largest Land Transaction of 2020 within Riverside County
Land Advisors Organization and Coldwell Banker Commercial are excited to announce the closing of the largest land transaction in size within Riverside County, Alberhill Specific Plan, in Lake Elsinore, CA. The transaction includes Alberhill Ranch, Alberhill Ridge and Alberhill Villages, a combined ±2,069 total acres in Lake Elsinore, California.
The communities within this transaction are in various stages of development with mature, actively selling subdivisions along with entitled single-family and multi-family development areas. Alberhill Ranch was partially developed with over 550 occupied homes, a community sports park, a private swim park and an elementary school. Alberhill Ridge is a residential and commercial development targeted for entitlement approvals in Fall 2021. Alberhill Villages is a ±1,375 acres community with a Specific Plan entitlement calling for over 8,000 single-family and multi-family housing units, a university site, along with significant neighborhood and freeway commercial areas.
“Having obtained multiple entitlement approvals over the last several years, Alberhill is expected to be the premier mixed-use masterplanned community offering a variety of residential product types along with commercial, retail and industrial opportunities.” states Brian Carricaburu of Land Advisors. “Lake Elsinore is an extremely supply constrained market.” says Andrew Sinderhoff at Land Advisors. He continues, “Alberhill is well situated to offer the community much needed attainable new housing options for years to come, as well as ample commercial and retail opportunities.”
Coldwell and Land Advisors will begin the marketing efforts of two communities within the Alberhill Specific Plan at the end of Q1 2021, including Phase 4 of Alberhill Ridge, approved for 144 units, and The Ridge community, consisting of 934 single-family lots with lot sizes ranging from 4,000 to 5,500 square feet.
The seller, Castle & Cooke Companies, was represented by Brandon Sudweeks, CCIM and Eric Washle with Coldwell Banker Commercial SC and the buyer, Lansing Companies, was represented by Brian Carricaburu and Andrew Sinderhoff of Land Advisors. Terms of the transaction are confidential.