|
|
Location: Murrieta, California
Size: 20 acres
Overview: Once a 20-acre infill parcel registered as an E.P.A. Toxic site with lead contaminate, Fenway Properties worked with the City of Murrieta and the Department of Toxic Substances Control to remove and replace 5,000 tons of lead-contaminated soil at a clean up cost of $900,000. The State of California Department of Toxic Substance Control under their Clean Loan Program loaned the owners $700,000 to clean up the site. The site was purchased in August 2000 for $645,000 and sold with a final map for 55 lots for $2,725,000 in January 2003 with entitlement and carry costs exclusive of loan at $400,000 and investor return of ± 50% per year. |
 |
|
Location: 1645 & 1649 Capalina Road, San Marcos, CA
Size: 15,700 S.F.
Overview: Acquired in August of 2003 for $980,000, this property was 75% vacant when purchased. While undergoing a total exterior renovation including new architectural elements, roof, parking lot, glazing, heating units, air-conditioning units, and doors, a condominium map was filed on the project. In September of 2005, the map was approved and the project was sold for $2,810,000 which represented a profit of 106% over 25 months. |
|
|
Location: 10180 Willow Creek Rd, San Diego, CA
Size: 26,000 S.F.
Overview: Acquired September of 2003 for $2,200,000, this outdated manufacturing facility was transformed into modern office/industrial units. Renovations included a new roof, updated paint, new exterior windows, a new façade for multi-tenant office entries, and new architectural elements to give the building more depth. New asphalt and landscape greatly improved the drive-up appeal. Sky lights were added to increase the natural light within the building and new speculative offices were constructed to include rear storage areas. The property was sold in March 2005 for $4,180,000 for a 97% return in 18 months. |
|
|
Location: Wildomar, California
Size: 211 Acres
Overview: These ten contiguous parcels consisting of ± 211 acres were zoned Rural Residential. Fenway Properties filed a Tentative Tract Map and zone change to create 91 one half-acre lots. The entitlement process was three years and five acres were needed to create the 91 lots. Purchased in November of 1998 for $840,000, this property was sold in June 2003 with entitlements on 51 acres for $3,810,000. The entitlement and carry costs $340,000 for an investor return ± 30% per year.
The remaining 160 acres, four lots, has placed a conservation easement on ±130 acres with a value of ±$1,050,000. The four remaining lots, each with buildable home sites, were donated to a charitable group with the conservation easement for a value of $1,000,000 and a total tax credit value of $2,050,000. |
|
|
Location: Wildomar, California
Size: 10 acres
Overview: These two five-acre contiguous parcels were zoned Rural Residential. Fenway Properties filed a tentative tract map and zone change to create 18 one half-acre lots. Purchased in July 1998 for $175,000, the property was sold with entitlements in June 2001 for $650,000. The entitlement and carry cost were $150,000 for an Investor return of ± 50% per year. |
|
|
Location: Murrieta, California
Size: 14 Lot – 4 acres
Overview: Purchased in January 2003 for $310,000, Fenway Properties processed entitlements, including improvement plans, for 14 residential lots. The property sold for $700,000 in January 2004. The entitlement and carrying costs were $40,000 yielding a profit 100% per year. |
|
|
Location: Temecula, California
Size: 10 acres
Overview: This 10-acre parcel was acquired while in an approved specific plan. Fenway Properties filed a tentative tract map for thirty-four 7,200 square foot lots. The entitlement process was two years. Purchased for $260,000 in February 2000, this property was sold with entitlements for $750,000 in March 2002. Entitlement and Carry Costs were ± $250,000 for an investor return of ± 45% per year. |
| |
|
|
|
