IE Business Daily Business news for the Inland Empire.
A private investment group has bought a 19-acre parcel in Perris.
Stone River Capital LLC in Stanton purchased the land from Water Avenue 20 LLC, another private investment group, for an undisclosed sum, said David Harbour, senior land advisor with WD Land in Irvine.
The property, which is open space, is bordered by Redlands Avenue on the west, Murrieta Road on the east and Water Avenue on the south. It has no northern street border but is close to other tracts of homes.
The deal closed in late December.
Harbour, who negotiated the sale, called the transaction “a portfolio sale” but said the buyer will likely sell the property to a homebuilder, perhaps in a year or so.
“There’s a plan that called for 66 residential lots on the site, but it was never approved,” Harbour said. “Whoever wants to build houses there will have to get that approved.”
The Perris deal comes one week after WD Land helped conclude the sale of a 10-acre parcel in Upland that is zoned to accommodate 42 single-family homes. Meritage Home Corp, in Corona paid about $7.5 million for the property, according to WD Land officials.
Such sales are a sign the local housing market is picking up, Harbour said.
“The market was hot through most of last year, until August and September when interest rates went up and it flattened out,” Harbour said. “We’re all hoping for a good year this year.”
WD Land specializes in arranging infill property sales. It has been in business for nearly 20 years and has helped negotiate more than 500 transactions worth a combined $3.5 billion during that time, according a company statement.
