TEMECULA, CA-Woodside Homes has acquired 210 condo sites hereand plans to build units priced from the high $100,000 rangebeginning next year, according toWoodside. The company bought thesites, which consist of 102 finished lots and 108 partiallyimproved lots, from American Property Enterprises of San Diego.

|

Woodside plans to build units of between 1,124 and 1,753 squarefeet at the project, which is known as Maravilla. It is near theintersection of Rancho California Road and Ynez Road just off theI-15 Freeway, within walking distance of work, shopping, dining andentertainment. The development will also feature a communityrecreation center with a pool, spa and park along with a coveredoutdoor barbecue area and observation gazebo.

|

Tim McGinnis, president of Woodside Homes of California Inc.,which is a division of Salt Lake City-based Woodside Group LLC,notes that the development site is close to Old Town Temecula andthe Temecula wine country. It is the first in a series of new landacquisitions the company is looking forward to completing, McGinnissays.

|

McGinnis notes that Woodside has built more than 1,700 homes inTemecula and is the co-developer of the master-planned community ofWolf Creek, where it has three active selling communities:Ironwood, Sycamore and Tamarack. Ironwood and Sycamore are WoodsideSolar Advantage communities, “the only solar-powered, highly energyefficient homes in southwest Riverside county,” according toMcGinnis.

|

In addition to the Temecula acquisition, for which it paid $7.2million, Woodside Homes has recently completed the acquisition offinished lots in the master-planned community of Summerlin, a townhome project in Mesa, AZ, and a single-family-detached finished lotacquisition in Utah. Woodisde also has several other properties inescrow that it plans to close this year, subject to due diligence.The company is seeking land buying opportunities is all of itswestern markets and Texas.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 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.