Created by the principals of Mission Pacific in a joint venture between Entrepreneurial Properties Corporation and Sheffield Homes, Mission Ranch is a 400+ acre, 1,250 lot master-planned residential community located in Riverside, California.
Over a six-year period, principals of Mission Pacific were primarily responsible for acquiring twelve different parcels of land from ten different sellers, designing ten separate residential tract maps, annexing the property and surrounding area into the City of Riverside, installing major regional infrastructure (including two sewer lift stations) and establishing a community facilities district. The sale of 340 acres of individual tract maps was consummated to Centex Homes, Richmond American, Beazer Homes, Joseph Nicholas Homes, and to the Riverside Unified School District for both a middle school and elementary school.
The development venture continues to own 60 acres of premier property in Mission Ranch, comprised of a residential tract map of 103 lots.
Stratford Ranch is a 400 + acre mixed-use development located near Lake Perris and adjacent to a state fairground and park. The Ranch was purchased in 2003 by a joint venture managed by the Mission Pacific principals. Despite significant developmental constraints, including the need to acquire more than three dozen small “window parcels” within Stratford Ranch, Mission Pacific principals were able to entitle and sell nearly 100 acres of property to two separate homebuilders, eliminating all debt on the balance of the property and returning the original investment capital to its partners.
Mission Pacific principals continue to solve the complex and multi-jurisdictional developmental issues facing the remaining 300+ acre balance of the 300+acre Stratford Ranch, which is being entitled for commercial, residential and industrial uses. The development issues include the widening and realignment of a major regional storm drain, the creation of two major detention basins, and the design and widening of the state’s Lake Perris emergency run-off channel.
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In 2006, Centex Homes approached Mission Pacific to land bank the last phase of its Sumner Ranch property which it had under an expiring option. Working on a tight timeline, Mission Pacific was able to successfully negotiate the transaction, take assignment of Centex's option and close on the 137 lot Eastvale property.
In 2007, pursuant to the agreement, Centex Homes acquired the property filling a hole in its business plan and earning Mission Pacific a 30% return on its investment.
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