Pigeon Pass, Moreno Valley, CA
Mission Pacific acquired the Pigeon Pass property in March of 2012 from K. Hovnanian Homes. The property is located in north Moreno Valley in the desirable Sunnymead Ranch area, just off of Pigeon Pass Road. Pigeon Pass is a primary north- south thoroughfare that provides access to the project from the 60 Freeway approximately 2.25 miles south of the project.
Pigeon Pass, which contained 13 completed single family residences, 161 substantially finished lots and a 6,000 square foot clubhouse, was originally branded as one of K. Hovnanian's Four Seasons age-restricted communities. K. Hovnanian ultimately ceased development of the project in 2007 due to market conditions.
Working with the City of Moreno Valley, Mission Pacific was able to eliminate the age-restricted designation to enhance the marketability of the project. Mission Pacific also formed a HOA to reflect the change to a traditional product type.
In 2015, Mission Pacific was able to significantly reduce its basis in the property by selling the 13 completed homes to individual buyers. The remaining 161 lots were sold to a public homebuilder in 2016.