SAN DIEGO, CA. – American Property Enterprises negotiated the July 2009 acquisition of a 35 acre unimproved site near Menifee, California. Known as Copper Skye Townhomes, the site has tentative map entitlements for 378 townhomes. The property was acquired by an investment group in which American Property Enterprises’ principals are significant investors.
The purchase from Bank of America was for $1,700,000 or $4,500 per lot. The bank had foreclosed on the original builder which paid $18,750,000 for the site and had spent an estimated $2-4 million plus in costs and fees. The final engineering, architecture and final maps are virtually complete with the final map ready to record.
The site has 2,500 feet of street frontage on the south side of Newport Road within the Winchester Hills Specific Plan about 2.5 miles east of I-215. The site is easily accessible via Newport Road from the I-215 and I-15 freeways, and is close to abundant retail and service businesses as well as recreational amenities.
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 performing and non-performing loans.
See www.propertyenterprises.com
or contact American Property Enterprises
at 858-546-7474 for more information.
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