Mountain Real Estate Capital has closed a joint venture with Davidson Communities, a real estate company in California.
The joint venture purchased The Sentinels at Del Sur subdivision located in San Diego, California from Bank of America.
The project consists of 17 substantially finished lots and four fully completed and furnished model homes that have been upgraded with a number of options.
The Del Sur community is an 1,800-acre master plan community that will eventually comprise approximately 3,000 single-family and multifamily residences and community amenities.
“We view this transaction as a great opportunity for our group to partner with one of the premier private home builders in Southern California and jointly seek additional opportunistic bank assets to acquire and build,” says Peter Fioretti, chief executive officer of Mountain Real Estate Capital. “We are convinced that this community is well positioned in a great submarket and we project a fairly rapid home sale program. We are even more excited to establish a relationship with an experienced builder like Davidson Communities, who we fully expect will be our partner on many projects in the future throughout Southern California.”
This is the second residential development project that Mountain Real Estate Capital has acquired from Bank of America. The first was a large 750-lot project in Florida.
This year Mountain Real Estate Capital has acquired assets from banks and other institutions with original basis in excess of USD500m.
William A. Davidson, founder of Davidson Communities, says: “Mountain Real Estate Capital is exactly the type of financial partner we have been looking for. Their real estate development experience and market knowledge allowed them to quickly maneuver through some complex issues, something we are not accustomed to seeing with other institutional equity partners. They are aggressive and thorough and clearly want to establish a platform here in California.”
