Project: Suburban Residential Lot Portfolio
Location: Los Angeles, San Bernardino, and Riverside Counties, CA
Size: $40 million land portfolio in 9 projects
Construction: Single Family Residential
Story: This assignment was engaged in the early 1990's. A large private Los Angeles homebuilder had laid off the bulk of its development staff, and needed a strategy for its far-flung land holdings during the prolonged market downturn.
Inspected all of the company's internal files to assemble extensive due diligence packages for valuation purposes and the possible sale of assets. Walked each parcel to determine all positive and negative site attributes. Toured all the competing product in each respective market, and interviewed land brokerage specialists in each market to assess the relative strength of each market. Confirmed entitlement and permitting status of each project with the applicable governmental jurisdictions. Analyzed the potential financial results of multiple exit scenarios including immediate disposition, build out, and completion of various levels of entitlements prior to sale of land. Created comprehensive report detailing options, and recommending optimum strategy.
Results: The homebuilder survived, and some of the land holdings were sold immediately to generate needed cash while others were kept to continue entitlements which added residual value.
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