SAN DIEGO, CA. – With its July 2009 Victorville REO acquisition, American Property Enterprises has acquired nearly 1,000 residential lots since December 2008.
The Victorville site is 75 acres with 294 entitled and unimproved single family lots with 7,200 square feet or more. Two other recent Inland Empire acquisitions were in Temecula (21 acre improved site, final map for 271 attached units) and Winchester (35 acre unimproved site, approved for 378 townhomes).
American Property Enterprises acquired the Victorville property for $775,000 and will hold it as a land banking investment. The original developer acquired the property un-entitled in 2004 for $3,800,000 and proceeded to obtain a tentative map, completed most final engineering and environmental permits, and recorded a parcel map. American Property Enterprises’ price per “paper lot” of $2,636 represents less than 6% of the 2006 approximate peak value of $40,000 to $50,000 per lot.
Located in the Baldy Mesa Planning Area and the highly regarded Snowline School District, the site is in a preferred west side location in the northeast quadrant of Bear Valley Road and Monte Vista Road two miles west of U.S. Highway 395. It is easily accessible to and from Interstate 15, central Victorville, and major area employment centers via four major surface thoroughfares: U.S. Highway 395, Bear Valley Road, Palmdale Road, and Monte Vista Road.
American Property Enterprises is a 24 year old San Diego-based investor-developer of residential and commercial/industrial properties that also has property management capabilities. The company is actively pursuing distressed commercial and residential real estate as well as non-performing loans and debt.
See www.propertyenterprises.com
or contact American Property Enterprises
at 858-546-7474 for more information.
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