Runkle, who represented seller A&M Properties West Inc. of Rancho Santa Fe, CA, points out that the complex is also the closest rental property to the soon-to-be-built Temecula Hospital. Constructed in 2007, the property consists of nine three-story buildings housing a mix of one-, two- and three-bedroom units averaging 1,073 sf and situated on 9.3 acres of land. Community amenities include detached garages with gated and controlled access, a fitness center, an indoor racquetball court, saunas, a swimming pool and a spa. The units feature full-size washer/dryers, nine-foot ceilings, walk-in closets, built-in microwaves, tile flooring and oversized patios and balconies.
Temecula Creek Villas was originally marketed as for sale condominiums during the second quarter of 2007, but transitioned to condominium rentals in August 2007, before any individual units closed escrow. Gables Residential Services is handling lease-up and has been retained by the buyer, a Newport Beach, CA-based investor who was represented by William Battaglia of WB Holdings Inc.
Runkle notes that the sale closed escrow within 65 days after it was initially placed on the market. Occupancy was 27% as of the close of escrow.
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