The Overlook, Riverside, CA
In December of 2008, Mission Pacific purchased 143 acres of entitled residential land, consisting of 132 lots, from a large public home builder. This property, located in one of the most affluent areas of the City of Riverside, was originally purchased by the builder in 2004. After receiving full entitlement of the property, the builder decided in late 2008 to sell the property.
After unsuccessfully negotiating the sale of the property to two different buyers in late 2008, in the final two weeks of the year Mission Pacific negotiated the terms of the purchase and sale, performed due diligence, and closed on the property by year-end.
Mission Pacific bought the property for a 3-7 year hold. It has already sold a portion of the property for a gain.