IE Business Daily Business news for the Inland Empire.
San Diego-based KB Home Coastal Inc. has purchased an infill parcel in Murrieta.
The 52 lots are on Jackson Avenue immediately south of the Interstate 15-215 crossing, said David Harbour, senior land advisor with WD Land in Irvine.
Each lot is undeveloped and covers about 3,000 square feet. Cost of the transaction, which closed Monday, was not revealed.
WD Land, a land-brokerage firm formerly known as Whittlesey Doyle that specializes in residential infill properties, arranged the sale.
The seller was Sugarberry LLC, an investment group. The lots cover five acres in a 20-acre parcel, and most of that parcel is too low and too steep to accommodate single-family homes, Harbour said.
“There’s a plateau that’s at the same level as other development in the area,” Harbour said. “That’s where the houses will be built.”
KB Home Coastal is expected to start construction this summer and possibly be finished during the first quarter of next year. The homes will likely cover between 1,500 and 2,100 square feet, with prices expected to start around $300,000, Harbour said.
“This is going to be a good project,” Habour said of the infill site, which passed through several residential developers before KB Home Coastal closed escrow on it Monday. “There’s not a lot of housing stock in that area.”
The housing market in southwest Riverside County, like the Inland Empire as a whole, is slowly picking up steam, Harbour said.
“I think the developers are doing what they have to, to create momentum within the market,” Harbour said. “It’s just a matter of getting enough people to buy.”
