High Desert Team Finds Buyer for Former Frontier Homes High Desert Portfolio

The Land Advisors’ High Desert Team recently closed a multi-million dollar sale on a five-subdivision portfolio in the High Desert. Collectively, the five land assets consist of 364 residential lots in varying stages of development. A private investor (represented by John Reeder of the Mimi Song Company) purchased the portfolio with the intent to hold for the long term. Land Advisors represented the portfolio’s seller (a lender), in the transaction. 

The details of the five portfolio assets include:

  • “Barcelona Heights II” is located within the City of Hesperia and consists of 91 single family lots with a minimum lot size of 5,801 square feet.  The lots were sold in “partially finished” condition with a recorded final tract map.
  • “Copper Crest” is located within the City of Hesperia and consists of 71 single family lots with a minimum lot size of 6,000 square feet.  The lots were sold in “mostly finished” condition with a recorded final tract map.
  • “Autumn Glen IV & V” is located within the City of Victorville and consists of 66 single family lots with a minimum lot size of 7,000 square feet.  The lots were sold in “mostly finished” condition with a recorded final tract map.
  • “Falcon Point II” is located within the City of Lancaster and consists of 131 single family lots with a minimum lot size of 7,000 square feet.  The lots were sold in unimproved condition with an approved tentative tract map.
  • “Adelanto-5” is located within the City of Adelanto and consists of 5 single family lots with a minimum lot size of 7,000 square feet.  The lots were sold in “mostly finished” condition with a recorded final tract map.

“This was a challenging transaction due to the nature of five different subdivisions (and two counties) involved in the sale,” noted Land Advisors’ Senior Marketing Consultant Randy Coe, who has been selling residential land in the High Desert for about 10 years. “However, this was the largest remaining Bank REO finished lot opportunity in the submarket, and offered a significant value for the buyer of the portfolio,” he said.

In a separate transaction, the High Desert Team also recently led the closing of “Tuscany III” in Victorville.  The transaction consisted of 142 unimproved single family lots with an approved tentative tract map.  A private investor purchased the subject lots from Mojave & Onyx LLC for, with the intent of holding the project until the housing market returns.

Read the Complete Press Release Here