IE Business Daily Business news for the Inland Empire.
A Corona real estate developer will build a tract of single-family homes in Yucaipa.
Griffin Residential LLC purchased 17 lots from a group of private investors, properties that are part of the Chapman Heights community, said Les Whittlesey, principal with WD Land in Irvine.
The graded lots at Chapman Heights and Brandon roads cover 10,000 square feet each and are almost ready to be built upon, said Whittlesey, whose company negotiated the sale.
The sale was announced Wednesday. Cost of the land was not released.
Griffin Residential plans to build three, four and five-bedroom houses on the lots, residences that will sell for roughly $500,000 each. The parcels, which combined cover about five acres, were entitled shortly before the recession hit.
“It was ready to go and then the market collapsed,” Whittlesey said. “Now it’s going to get some move-up houses in a great community.”
Chapman Heights covers nearly 1,000 acres, including more than 250 acres of open space. It includes a golf course, public school and retail center.
The community’s master developer is Communities Southwest Development & Construction Co. in Phoenix. Osborne Development, Capital Pacific Homes, Howard Roberts Development and Trimark Pacific Homes have all built there, according to the Communities Southwest website.
WD Land, formerly Whittlesey Doyle, is a land brokerage company that specializes in residential infill projects. The company has negotiated multiple transactions in Riverside and San Bernardino counties.
