The Overlook, Riverside, CA
In 2008, Mission Pacific purchased 143 acres of entitled residential land, consisting of two approved tentative tracts map with 132 lots, from a large public home builder. This property, located in one of the more affluent areas of the City of Riverside, was originally purchased by the builder in 2004. After receiving full entitlement of the property and improving ten of the lots, the builder decided in late 2008 to sell the property prior to year-end.
Mission Pacific was able to negotiate the terms of the purchase and sale, perform due diligence, and close on the property in only two weeks prior to year-end.
In mid-2010, Mission Pacific sold the southerly 48-lot tentative map and two of the improved lots to a private investor. This early sale allowed Mission Pacific to return all of the initial capital back to its investors.
Mission Pacific was able to process improvement plans to put the project into a “shovel ready” position and waited for the market to recover. Accordingly, Mission Pacific sold the remaining 8 finished lots to a private homebuilder in 2018 and the remaining 74 lot tentative map to a public homebuilder in 2020.