TEMECULA, CA-GlobeSt.com exclusively learns that the 200-acre University Hills project sale is complete. And while the transaction price isn't disclosed, Lee & Associates tells GlobeSt.com that the sale is one of the largest in Riverside County so far this year, and by far the largest in Temecula.
Nate Pivaroff from Lee & Associates' Irvine office and Matt Weaver from Lee & Associates' Carlsbad office represented the seller John Firestone. “Some finished lot prices in Temecula are trading at higher prices than during the peak in 2004-05,” Weaver says.
According to Weaver, the firm received interest from buyers all over the US for the “highly visible property.” That activity, he says, “is emblematic of a rising land market.”
The buyer, Ambient Communities, is a real estate development company that specializes in in-fill and suburban land planning & entitlement, land development and construction of multifamily, attached & detached for-sale residential, mixed-use and commercial. It plans to develop and entitle a residential master plan on the subject property with units and homes of all sizes.
“Home builders want to be in Temecula because it has the highest rated school district in Riverside County, is within an hour of Orange and San Diego counties and still has relatively affordable home prices for home buyers,” Weaver adds.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
