D.R. Horton to Break Ground in Early 2019 to Build Attractively Priced Single-Family Homes Over Several Phases
CATHEDRAL CITY, Calif. – The Hoffman Company, a leader in the land brokerage industry, has successfully brokered D.R. Horton’s purchase of 329 single-family lots at Verano, a 1,362-unit master planned community within the city of Cathedral City, from Inland Communities Corp. Verano is one of the few improved lot projects available for entry-level home buyers in the Coachella Valley. D.R. Horton will acquire the lots, which are 4,142, 5,232 and 6,540 square feet, over several phases and intends to offer low-maintenance entry-level living at an attractive value. Groundbreaking for Phase 1 of D.R. Horton’s project is expected in early 2019.
“There are very few, if any, opportunities for budget-conscious families, young professionals and empty nesters to get into quality housing in the western Coachella Valley,” said Erik L. Christianson, senior vice president for The Hoffman Company, who brokered both sides of the deal. “Verano is the best-located FHA mortgage price-band option within Riverside County, and it offers easy commutes and convenient access to all this region has to offer.”
Located on Cathedral City’s northern border near the Palm Springs city limits, Verano is near the newly constructed multi-city CV Link for biking, walking, golfing and electric vehicles and the Escena and Cimarron golf courses. In addition, the award-winning K-5 Rio Vista Elementary School is located within the masterplan.
Verano will include a recreation center with clubhouse, pool, fitness center, meeting rooms and a three-acre park.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 329 single-family homes will generate $94.4 million in local income, $11.8 million in taxes and other revenue for the City of Cathedral City, and 1,296 local jobs.
About The Hoffman Company
The Hoffman Company, a leader in the land brokerage industry, was founded in 1978. Since that time our firm has continued to grow, adapt and perfect land sales drawing from almost 40 years of experience. As we move into our fourth decade in business, our commitment to serving the needs of homebuilders and land developers throughout California and Nevada has become even stronger. When you have an asset as valuable as land, it pays to work with an experienced land brokerage firm. For more information please visit our Web site at www.hoffmanland.com.
