Stellan Ridge, Riverside, CA
In 2009, Mission Pacific acquired Stellan Ridge from a large public homebuilder. The property was the final phases of an existing project that the homebuilder was divesting in response to changing market conditions. The property, which included 28 graded or finished one-acre lots and 20 unimproved one-acre lots, is located in one of the more affluent areas of Riverside, adjacent to MPLC's previously acquired Kunny Ranch project. Mission Pacific's ability to perform in less than two weeks enabled it to acquire the property at a significant discount to the property's replacement cost.
Mission Pacific was able to navigate the challenges of acquiring a property in an existing project. Mission Pacific worked with and served on the Board of Directors of the existing HOA to significantly reduce the monthly assessments for existing and future homeowners. Mission Pacific identified and solved the remaining development issues and then sold the property to a private homebuilder in June 2013.