IRVINE, CA - The Hoffman Company, a leader in the land brokerage industry, has successfully closed the purchase of Meadowlark, a fully entitled residential community that will feature 83 townhomes in southwestern Riverside County at affordable prices expected to start in the low $300,000s. The buyer is D.R. Horton and the seller is American Property Enterprises and Western Residential Opportunity Fund, LLC. The deal was brokered by Justin Esayian, senior vice president with The Hoffman Company.
“The significance of this new community is that it speaks directly to the need for housing affordability in the Inland Empire,” said Esayian, who represented both sides on the sale. “D.R. Horton saw this unique chance to provide entry-level housing options within an area of Murrieta that is dramatically changing. Given the chronic nature of affordable housing, it’s encouraging to see a builder creating homes for young or first-time buyers at a reasonable price. The location is right, too, with new retail amenities being built in the immediate area, strong schools and convenient access to jobs in one of the fastest-growing cities in the state.”
The project envisions attached, two-story townhomes expected to range from 1,132 square feet to 1,584 square feet with two to four bedrooms. The price point will be well within the Federal Housing Administration’s new $431,250 loan limit for Riverside County, which can help borrowers who are unable to make large down payments.
The vacant 5.7-acre site was previously approved for 35 small detached homes in 2005 but has since been rezoned by the city to increase density to 83 units and offer homes at lower prices. The community is expected to be open for sale by early 2020.
Largely residential in character, Murrieta is home to many residents commuting throughout the Inland Empire, to San Diego, Orange and Los Angeles counties, as well as nearby Temecula. The location provides easy access to I-215 Freeway from Clinton Keith Road. The Murrieta Valley Unified School District's three high schools were rated among the top 10 percent in nation in the annual U.S. News rankings released recently.
Meadowlark is part of a larger story about how the opening of the new Clinton Keith Road extension project is transforming North Murrieta and improving accessibility throughout Southwest Riverside County. Opened earlier this year, the six-lane roadway connects Interstates 15, 215 and State Route 79, proving a new east-west route that had been under construction for several years.
The improvements will support the planned development of The Vineyard, a regional shopping center just south of the Meadowlark planned community that will include a Costco, as well as new residential, office and medical facilities such as a new Kaiser Permanente campus and the Loma Linda Hospital. In addition, Meadowlark will offer residents access to convenient nearby retail amenities such as a Super Target, Tractor Supply Co. and CVS Pharmacy.
“Homebuyers will have this incredible chance at Meadowlark to move into brand new, affordably priced homes that provide convenient access to many new retail and medical amenities,” Esayian said. “This entire corridor is dramatically transforming.”
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 83 homes will generate approximately $23 million in local income, $2.9 million in taxes and other revenue for the City of Murrieta and 315 local jobs.