UCP to Acquire 95 Lots in Upscale Southern California Master Planned Community
UCP, Inc., (NYSE: UCP) (“UCP”), a San Jose, Calif.-based homebuilder and land developer, today announced it has entered into an agreement to acquire and develop Rancho Etiwanda, a land parcel consisting of 95 partially improved lots, for a purchase price of $27.6 million. The property is located within Rancho Etiwanda Estates, a 632-unit gated master planned community in Rancho Cucamonga, Calif., a highly desirable submarket in San Bernardino County.
Located approximately one mile north of the I-210 freeway at the base of the San Bernardino Mountains, Rancho Etiwanda affords move-up home buyers the opportunity to purchase single and two-story homes in one of the region's most sought-after submarkets. The property is conveniently situated in close proximity to major retail centers, top performing schools and major employment centers including Los Angeles and Pasadena, California.
“Rancho Etiwanda is a strong addition to our growing portfolio and we are excited to begin development and construction of homes in this highly sought-after San Bernardino neighborhood,” said Dustin Bogue, president and chief executive officer of UCP. “This strategic acquisition demonstrates our ability to source unique investment opportunities with attractive risk-adjusted returns in markets with favorable economic and employment fundamentals. Furthermore, planned deliveries from these newly purchased lots support higher operating leverage in our business while providing the opportunity to enhance brand recognition from best-in-class home building operations in our new Los Angeles region, where we look forward to further expanding our footprint.”
Developed and marketed by Benchmark Communities, LLC, UCP's wholly-owned homebuilding subsidiary, Rancho Etiwanda's homes will offer a variety of floor plans and style options ranging from 2,600 to 4,000 square feet with prices starting in the mid $600,000's. Benchmark Communities expects to begin property development at Rancho Etiwanda by the end of 2014 with its first planned homes for sale in mid 2015.
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