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.