An approximately 118 acre development site in Banning, California, with an approved tentative map for 302 single family residential lots. Existing inventory includes 6 furnished model homes, 3 completed production homes, 56 improved lots and 215 paper lots. Twenty-two homes within the development were previously sold by the original builder.
Douglas Wilson Companies (DWC), agent for Receiver, was engaged to manage homes, lots, streets, a regional storm water basin and abandoned farms. Following the receivership, DWC was engaged to manage and sell the property.
DWC secured and stabilized the property and dealt with issues such as lots in various stages of improvement, complexities with some of the conditions of approval, the transition of streetscape planting to the City’s Landscape Maintenance District, ongoing maintenance of a regional storm water detention basin, and challenges to the existing finishes.
Property was sold.
Douglas P. Wilson
Douglas Wilson Companies was founded in 1989 to provide a wide range of specialized business, workout, and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITs, financial institutions, and property owners throughout the United States.
1620 Fifth Avenue
San Diego, California 92101