A partnership controlled by Lennar Homes has acquired 714 unimproved residential lots on 142 acres within the Rancho Bella Vista masterplan in the French Valley north of Temecula for a reported $9.8 million. Tom Reimers, president of the California division of Land Advisors Organization, who handled the transaction, said it was a short sale and strong play for Lennar. An entity of the Garrett Group, of Temecula, sold the property immediately north of the developed portion of Rancho Bella Vista – a masterplan in an unincorporated area of Southwest Riverside County. The masterplan is in four phases – two of which have been developed. Reimers, who said he is handling another large property in escrow in the area, said the Rancho Bella Vista land is quite a find. [Read this article]
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