IE Business Daily Business news for the Inland Empire.
An Orange County land brokerage company has negotiated the sale of two parcels in the Inland Empire that will be developed into residential projects.
FHII LLC, a private investment group, bought 35 residential lots from Encore Rialto Investments LLC for an undisclosed sum, said Tom Doyle, founding principal with WD Land in Irvine.
Those parcels are located near Bloomington Avenue and West Vodden Street and are part of a residential project that is about half built-out, Doyle said.
In a separate transaction, FHII bought another 24 parcels in San Bernardino from Encore Investments, also for an undisclosed sum.
That property, at West Rialto and South Montelena avenues, is infill parcels in a residential development that the original developer decided not to build on. The lots at both locations are bare dirt, but both could be under construction with nearly 60 single-family homes within six months, Doyle said.
Doyle declined to discuss price points, but said that in both locations the new houses will be more affordable than in other parts of the Inland Empire and will make it easier for some first-time buyers to purchase a home.
The sale is another sign the Inland housing market is coming back, Doyle said.
“I would say the housing market has flattened out,” Doyle said. “It actually got very hot in 2012 and stayed there into early this year. We were getting double-digit appreciation for a while, which never could have lasted. There’s a pause in the market now, which is a good thing.”
WD Land, formerly known as Whittlesey Doyle, finds buyers for unused residential land. It has been in business for nearly 20 years and has negotiated more $3.5 billion in transactions during that time, according to the company’s website.
