RIVERSIDE, CA—iStar Residential, a division of iStar Financial has broken ground on Spring Mountain Ranch, the first master-planned community to rise in the greater Riverside area in morethan 20years. The entire master-planned community of Spring Mountain Ranch in Riverside County spans nearly 785 acres and is entitled for more than 1,400 single-family homes.
According to the firm, now is an “opportune time” as Riverside's housing market continues to improve. Current factors include a tight supply of new home inventory, rising appreciation and absorption rates. In addition, the firm says, the market's affordability index is high, while mortgage rates remain attractively low.
“As Riverside's housing market and job creation continue to rebound, it's perfect timing to begin phase one of Spring Mountain Ranch,” says Steve Wylder, iStar Financial's V. “With its unique location at the foot of the mountains and just minutes from everything going on in Riverside, Spring Mountain Ranch will provide residents brand new housing options and active lifestyle opportunities not currently available anywhere else in the surrounding area.”
KB Home will deliver 435 new homes that will comprise the first phase of Spring Mountain Ranch, with model home construction expected to begin this summer. Upon completion, the first phase of the community will offer two distinct collections of single-family residences with a variety of floor plans and designs to appeal to a wide range of homebuyer needs, says iStar. First residents are expected to move in as early as December of this year.
iStar could not provide GlobeSt.com with construction cost at this time.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
