MURRIETA, CA—An assignee of Zephyr Partners, a San Diego-based real estate development and investment company, has purchased 25.37 acres in Murrieta. The plans are to develop a multifamily site of approximately 550 apartment units.
The land parcel is located on Meyers Lane and Los Alamos Road and had no entitlements at the close of escrow. Details of the transaction price are not available.
The sellers, assignees of Umpqua Bank and Ambit Funding Inc., were represented by Matt Weaver, Mike Strode, Al Apuzzo, and Patrick Miller of Lee & Associates—North San Diego County and Temecula. Weaver tells GlobeSt.com that the land is located in the heart of Murrieta, which he says is “one of the top two rated school districts in the inland empire, making this project even more desirable.”
Although the properties were unentitled, Lee & Associates produced approximately 10 offers during the marketing process. “Due to the location of the properties and the high density zoning, we received an immense amount of interest,” Weaver adds. “At the end of the day Zephyr did an excellent job of overcoming the many hurdles that presented themselves during the escrow process and ended up closing on both properties. This project will only improve the area around it.”
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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.
