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| San Jacinto 27 LLC (2003-2004) |
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The Myers Group actively began its research of the San Jacinto, Riverside County, CA market in early 1980.
During the decade of the 1980's, Riverside County's growth was explosive, and today it is still one of the fastest growing areas in the United States.
As the population of Riverside County grew, development expanded rapidly into San Jacinto with over 30,000 lots coming on market during 2002-2004.
San Jacinto is located adjacent to Hemet, CA, which lies approximately 15 miles south of Interstate 10 via Sanderson Avenue (SR 79).
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The
San Jacinto 29 (identified as Subject Property
on the map above) is bordered on the west
by CA State Road 79, a major north-south
road located one-half mile north of Cottonwood
Avenue (an east-west thoroughfare).
The City of
San Jacinto is currently enjoying a building
boom, with tentatively mapped properties
being purchased by residential builders as
soon as they become available.
The 67 acres directly adjacent and to the east of SJ 27 was sold to a major homebuilder, whose tentative map was approved in October 2002 has now been completed on a 268-lot residential subdivision.
Adjacent and to the east of the 67 acres, another developer has purchased 20 acres and has built 69 homes.
During the holding period, TMG created a
concept plan and obtained full entitlement
and final mapping - with an approved tentative map for 78 residential lots. The
property was sold in 2004 to Lennar Homes.
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SUMMARY
- San Jacinto 27 LLC
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Purchase price (12/15/03)
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$750,000 |
| Architecture,
eng. & planning
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$30,000 |
| Real
estate taxes |
$8,000
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Resale
price (7/19/04) |
$2,340,000 |
| Gross
appreciation |
$1,306,460
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Holding
time: |
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364%
ANNUAL PROPERTY APPRECIATION |
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