Schaner Ranch, an 8-acre infill site in Placentia recently approved for home development, is on the sales block.
Tustin-based HQT Homes recently listed the property for sale after getting city approval to build 78 single-family homes at the site, which is near the intersection of Kraemer Boulevard and Morse Avenue, about two miles north of the Riverside (91) Freeway.
An asking price for the site hasn’t been disclosed.
Tom Doyle and Heather Bradley with Irvine-based land brokerage WD Land have the listing.
The property is a former working farm and has been used as an auto junkyard.
HQT received city approvals for the development last month after working with neighbors for about a year. The builder previously proposed 112 homes, as well as some commercial space, which it is no longer pursuing.
Plans now call for three- and four-bedroom homes ranging from 2,100 square feet to more than 2,700 square feet. HQT officials said during discussions with the city that they anticipated homes to sell for as much as $700,000 and that the project could be done by 2016.
A time frame for a sale getting completed hasn’t been announced.
Bascom Buys
Irvine-based apartment owner Bascom Group LLC is doubling down on its investments in Las Vegas.
The company last month paid roughly $22.5 million for Chapel Hill, a 222-unit complex in southwest Las Vegas.
The deal works out to a price of $101,216 per unit for the 13-year-old property, which has 18 two-story buildings on a nearly 15-acre site.
It’s Bascom’s third acquisition in Las Vegas in the past seven months, according to Principal Scott McClave.
Other recent deals include a $36.5 million buy of a 336-unit complex late last year on the northwest edge of the city.
“Las Vegas has suffered the largest decline in net effective rents for any major metro market in the western U.S. since the peak in 2007,” said Tim Whiting, portfolio manager for Bascom. “We are beginning to see a strong recovery, especially in the better submarkets.”
Bascom this month also bought a complex closer to home in Whittier. It paid $13.4 million for the Four Winds Apartments, a 138-unit, garden-style community just east of the 605 Freeway.
It’s the second Southern California purchase for the company so far this year, following a $19 million purchase in Huntington Beach.
“While we continue to grow our presence nationally, we remain focused on investment opportunities in our own backyard,” said Bascom Principal Chad Sanderson.
Brian Eisendrath with CBRE Group Inc.’s Debt and Structured Finance group arranged financing for the Chapel Hill and Four Winds acquisitions.
Irvine Move
DaVita HealthCare Partners Inc., a provider of kidney dialysis and other healthcare services, is moving its Irvine business offices to the Spectrum area.
The company recently signed a nearly 65,000-square-foot lease with Newport Beach-based Irvine Company to take space at a pair of buildings at the Discovery Business Center on Laguna Canyon Road.
The deal is one of the larger office leases of the past quarter, according to brokerage data.
The new offices take up roughly the same amount of space DaVita has been leasing at its current Bake Parkway location, which is referred to by DaVita as The Grove.
That lease was slated to end next year, according to regulatory filings.
About four miles separate the Bake Parkway office and the DaVita location, which is expected to open in late summer.
Strong Sales
The builders of the Baker Ranch development in Lake Forest say they’ve sold nearly 20% of the homes in the project’s first phase in a little more than a month.
More than 100 homes have sold there, according to Walnut-based Shea Homes and Horsham, Pa.-based Toll Brothers Inc., which are jointly building the 372-acre residential project in the northwestern foothills of the city.
About 580 homes are part of the initial phase of the project, whose sales are expected to continue over about the next two years. Baker Ranch will hold close to 1,800 homes and more than 400 apartments when it’s built out.
The project had its official unveiling Feb. 8 with the debut of six neighborhoods and a handful of parks and other community amenities.
