IE Business Daily Business news for the Inland Empire.
Bids are being accepted on a vacant parcel in Rialto that can accommodate up to 30 single-family homes.
Arrowhead Meadows covers 4.5 acres immediately south of San Bernardino Avenue between Bloomington and South Cactus Avenues, said Brian King, land advisor for WD Land in Irvine.
The property, which is near several residential neighborhoods, a Metrolink station and a Stater Bros.-anchored shopping center, is worth about $4 million.
Mostly three- and four-bedroom homes will be built there, with the prices ranging from $330,000 to $350,000. Those prices mean the homes will be eligible for financing from the Federal Housing Administration, King said.
“On the whole, the housing market is doing well, although there hasn’t been a lot happening in Rialto lately,” King said. “This is a good location, but the most significant thing is the property is fully entitled. That’s important, because developers want something they can build on.”
WD Land is a brokerage company that sells land on behalf of builders, developers and investors. It specializes in residential properties, according to the company’s website.
