SAN DIEGO, CA. (January 7, 2009) - American Property Enterprises has completed its acquisition of a 21 acre residential development site that it previously owned, after re-acquiring the site from the homebuilder that bought it. The site is approved for 210 triplex style townhomes, on a view-oriented hilltop location just southeast of the intersection of Interstate 15 and Rancho California Road in Temecula, California.
In 2003, American Property Enterprises acquired the site, and sold it at a profit in 2005 to Pulte Homes. On December 24, 2008, American Property Enterprises closed escrow on its purchase of the property from Pulte Homes, for a $3 million purchase price, which is less than what the company originally paid for the property in 2003.
“Everything we originally liked about the location and physical attributes of the property is still attractive,” commented Steve Quinn, President and CEO of American Property Enterprises. “It is an A+ property within the city of Temecula, and we believe it will be one of the first sites to regain its value in the Inland Empire when the housing market stabilizes and begins to recover.”
American Property Enterprises signed the purchase contract with Pulte Homes on December 1st, waived feasibility on December 19th, and closed escrow on the 24th. “The transaction moved fast, because we realize that in order to take advantage of attractive opportunities in today’s market, we need to be able to move fast,” said Andrew Murphy, Chief Operating Officer of American Property Enterprises. “When prices reach a point at which they reflect the very difficult housing market conditions today, potential buyers and investors seem to come out of the woodwork. We want to be among the first to react when prices are right.”
Peter Harris of Pacific Southwest Realty Services in San Diego arranged the financing for American Property Enterprises. Said Quinn, “We’ve had an excellent relationship with Peter as a mortgage banker representing us because he consistently delivers both institutional and private debt and equity capital from sources with whom we have enjoyed excellent relationships.”
American Property Enterprises is a 24 year old San Diego-based company that has investments and management capabilities in industrial and office properties, as well as multi-family rental and for-sale properties.
See www.propertyenterprises.com
or contact American Property Enterprises
for more information.
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