Well Known Developer Closes on Largest Land Transaction in Size within Riverside County
March 3rd, 2021 by Elizabeth Rouse
Lake Elsinore, Calif. Coldwell Banker Commercial and Land Advisors Organization are excited to announce the closing of the largest land transaction in size within Riverside County, Alberhill Specific Plan, in Lake Elsinore, CA. The transaction includes Alberhill Ranch, Alberhill Ridge and Alberhill Villages, a combined ±2,069 total acres in Lake Elsinore, California.
The communities within this transaction are in various stages of development with mature, actively selling subdivisions along with entitled single-family and multi-family development areas. Alberhill Ranch was partially developed with over 550 occupied homes, a community sports park, a private swim park and an elementary school. Alberhill Ridge is a residential and commercial development targeted for entitlement approvals in Fall 2021. Alberhill Villages is a ±1,375 acres community with a Specific Plan entitlement calling for over 8,000 single-family and multi-family housing units, a university site, along with significant neighborhood and freeway commercial areas.
“We worked on this project for the past several years and it required a detailed understanding of the many nuances and challenges.” Brandon Sudweeks of Coldwell Banker Commercial SC said, “Lansing Companies spent several months working through project files and came up with a closing and disposition plan that they will benefit from for many years to come.”
“Having obtained multiple entitlement approvals over the last several years, Alberhill is expected to be the premier mixed-use master planned community offering a variety of residential product types along with commercial, retail and industrial opportunities.” states Brian Carricaburu of Land Advisors. “Lake Elsinore is an extremely supply constrained market.” says Andrew Sinderhoff at Land Advisors. He continues, “Alberhill is well situated to offer the community much needed attainable new housing options for years to come, as well as ample commercial and retail opportunities.”
Coldwell and Land Advisors will begin the marketing efforts of two communities within the Alberhill Specific Plan at the end of Q1 2021, including Phase 4 of Alberhill Ridge, approved for 144 units, and The Ridge community, consisting of 934 single-family lots with lot sizes ranging from 4,000 to 5,500 square feet.
The seller, Castle & Cooke Companies, was represented by Brandon Sudweeks, CCIM and Eric Washle with Coldwell Banker Commercial SC and the buyer, Lansing Companies, was represented by Brian Carricaburu and Andrew Sinderhoff of Land Advisors. Terms of the transaction are confidential.
About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial SC is the local affiliate of Coldwell Banker Commercial® and provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. Since 1906, the Coldwell Banker Commercial brand has been a premier provider of real estate, recognized globally as a company that puts the client first while delivering individual, distinctly different service. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbworldwide.com
About Land Advisors Organization
Founded in 1987 as Park Place Partners by R. Jeffrey Spindler, Terry Ruckle and F. Brian Carricaburu, what started as three advisors in one office has grown into dozens of advisors across the state. In 2009 Park Place Partners joined forces with Land Advisors Organization based in Arizona to create the top national brokerage and advisory firm focused exclusively on land and land-related assets. For more information, visit LandAdvisors.com/CA.