OPPORTUNITY FUND ACQUIRES SECOND REO PROPERTY FROM BANK
SAN DIEGO – June 29, 2010 – Western Residential Opportunity Fund, LLC (“Western”), an affiliate of American Property Enterprises and Reven Capital, announced that it closed escrow on its second property acquisition today, "Meadowlark Estates", located in Murrieta, California. This fully-entitled, ready-to- go development site was approved by the City of Murrieta in 2005 for the construction of 35 two-story detached homes, along with an open space area on the approximate 5.74 acre site. Located west of Meadowlark Lane and just north of Clinton Keith Avenue, the site is just minutes from the Interstate 215 freeway, as well as from shopping, schools and the under-construction Loma Linda Medical Center.
Andrew D. Murphy, Chief Investment Officer of Western and Executive Vice President of American Property Enterprises, said, “We are excited that we could acquire a very well-located property in the close-in area of Murrieta. The site offers what homebuyers are seeking today; great freeway access, affordably-designed homes, and terrific proximity to the job centers of San Diego as well as Southwest Riverside County.”
Western acquired the property from the United Metro Bank, the construction lender for the former builder of the project. Western estimates that its $497,000 purchase price represents just a fraction of the prior owner’s cost spent on the planning and design of the site, and is an even smaller fraction of what the prior owner paid for the land. The previous developer processed approved tentative maps and was ready to record its final map, in addition to completing the majority of the final engineering for the site before losing the site to foreclosure due to the housing market downturn. Said Murphy, “The difficulties of some of the builders and lenders that were active in 2005-07 has created some excellent buying opportunities for investors that are well-positioned to identify, analyze, and take advantage of these bank- owned land sales.”
Western Residential Opportunity Fund is focused on acquiring distressed residential real estate in the Southwestern United States over the next two to three years. Property owners or brokers may contact either Andrew Murphy or Tim McCain at American Property Enterprises at (858) 546-7474, or visit the company’s website at www.propertyenterprises.com. American Property Enterprises is currently celebrating its 25th year as a premier San Diego-based real estate investor and developer.
Reven Capital is a private real estate investment firm focused on opportunistic investing. Based in La Jolla, California, Reven Capital executives have sponsored several private real estate equity funds focused on opportunistic and value-added real estate investments on behalf of institutional, corporate and high net worth investors.
For Information, contact:
June 29, 2010 Andrew Murphy, Executive Vice President
American Property Enterprises (858-546- 7474, x105)