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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