Amprop Northpark, LLC, an affiliate of American Property Enterprises (“the Company”), has sold a 1.5 acre fully entitled mixed-use site called “The Boulevard at North Park” for $7.7 million. The Company had assembled 8 contiguous parcels owned by 5 separate owners and obtained entitlements for a mixed-use 180 unit residential development with ground floor retail space. The site is located at 2030 El Cajon Blvd in the North Park community of San Diego. The H.G. Fenton Company, based in San Diego, was the buyer. The buyer plans to construct and develop a mixed-use luxury apartment project at the site. Both the seller and buyer were represented in the sale transaction by Victor Krebs and Gunder Creager of Colliers International. American Property Enterprises is a 30 year old San Diego-based company with investment, development, and management capabilities in residential and commercial properties. For more information, please visit http://www.propertyenterprises.com.
- West of Ynez Road at Tierra Vista Road Temecula, CA
- 21 Acres with Final Map for 271 Multifamily Units
- Planned for 2 & 3 bd Townhome Units Averaging 1,466 SF
- Purchased Unimproved Site out of Foreclosure in 2003 for $10 Million
- Sold to a Publicly-Traded Homebuilder in 2005 for $20 Million
- Impact Fees and Improvement Costs Paid by Homebuilder were approximately $6.4 Million
- Re-acquired fully entitled from Homebuilder in 2008 for $3 Million and held as a land-banking investment
- Re-sold to a Homebuilder in November 2010 for $9.7 Million
AMERICAN PROPERTY ENTERPRISES acquired the 21 acre site for $10 million in 2003 following foreclosure by the lender then sold it in 2005 for $20 Million to a publicly-traded homebuilder. The homebuilder spent about $6.4 million to plan and improve the site for 210 townhomes averaging 1,466 square feet. In December 2008, AMERICAN PROPERTY ENTERPRISES re-acquired the property from the publicly-traded homebuilder for a $3 million purchase price. In November 2010, AMERICAN PROPERTY ENTERPRISES re-sold the property for the last time to a homebuilder for $9.7 Million.
The property has a view-oriented hilltop location just southeast of the intersection of Interstate 15 and Rancho California Road in Temecula, California. The site can be accessed from three streets including Tierra Vista Road at its signalized intersection with Ynez Road.
“Everything we originally liked about the location and physical attributes of the property is still attractive,” commented Steve Quinn, President and CEO of AMERICAN PROPERTY ENTERPRISES. “It is an A+ property within the city of Temecula, and was one of the first sites to regain its value in the Inland Empire when the housing market stabilized and began to recover.”
AMERICAN PROPERTY ENTERPRISES closed the purchase less than 25 days after opening escrow. “The transaction moved fast, because we realize that in order to take advantage of attractive opportunities in today’s market, we need to be able to move fast,” said Andrew Murphy, Chief Operating Officer of AMERICAN PROPERTY ENTERPRISES. “When prices reach a point at which they reflect the very difficult housing market conditions today, potential buyers and investors seem to come out of the woodwork. We want to be among the first to react when prices are right.”
San Diego, CA. 92122