HILLWOOD SELLS PROPERTIES IN LAS VEGAS AREA TO RIDGEWOOD AND ANGELO, GORDON
5 Properties Can Accommodate 1,800 Lots, 759 Multifamily Units
DALLAS, Texas (May 18, 2010) – Hillwood has sold a portfolio of five primarily residential properties in the Las Vegas, Nevada market to a joint venture between Ridgewood Real Estate Partners and Angelo, Gordon & Co. This sale represents more than 1,800 residential lots and land that is already zoned for 759 multifamily units, plus approximately 10 acres for commercial use. Representing Hillwood in the sale was Michael Stuart, senior vice president of Colliers International – Las Vegas.
“The significant investment that already has been made in these parcels made this an extremely attractive portfolio,” said Brian Carlock, senior vice president of Hillwood Residential. “With the recent upswing in demand for developable residential property, Hillwood decided that this was an opportune time to market these properties.”
Approximately $70 million in infrastructure is already in place on this collection of properties, which Hillwood purchased as part of a larger portfolio in 2008. Nearly 600 of the residential lots are finished and more than 900 lots are partially completed. The remaining lots are zoned, entitled and ready for lot construction. This assemblage can accommodate single-family and multifamily homes, in addition to retail and commercial uses.
“With the substantially complete infrastructure and the increase in activity in the Las Vegas market, we are very excited to add these projects to our portfolio,” said Jonathan Grebow, president of Ridgewood Real Estate Partners.
Properties in the sale include:
Bilbray Ranch (Laughlin, Nevada) – The property in Bilbray Ranch consists of 497 single-family, triplex and duplex lots that are already completed in one of the nicest planned communities in Laughlin, which is a popular retirement and second-home community located along the Colorado River.
Boulder Ranch (Las Vegas) – In East Las Vegas, Boulder Ranch features partially completed lots for 114 single-family homes and 474 triplex homes. The 55-acre community is gated with many improvements already in place.
Boulder Ranch Apartments (Las Vegas) – Also in East Las Vegas, this 9.7-acre site is partially graded for apartment homes. Current plans call for nine 3-story buildings.
The Canyons (Henderson, Nevada) – Situated on nearly 150 acres, The Canyons’ original site plan called for 384 single-family lots. The property has since been reconfigured and rezoned for various multifamily and commercial uses. The parcel frontage on Green Valley Parkway will be built into four pods, which can support two apartment home communities, a townhome development and a commercial piece.
North Ranch (North Las Vegas, Nevada) – The 42 acres, which is part of a gated community, has the capacity for 122 duplex and 312 triplex homes in fast-growing North Las Vegas. Approximately 100 of the lots have already been completed. The others are 85% complete.
Ridgewood Real Estate Partners (www.ridgewoodrep.com), based in Florham Park, New Jersey, is a land development and investment company, specializing in residential projects. Ridgewood recently closed over $300 million of transactions, focusing primarily on the Northeast, Mid-Atlantic, Florida, Phoenix, Las Vegas and other areas of the Southwest and California.
Angelo, Gordon & Co. (www.angelogordon.com) is a privately-held registered investment advisor dedicated to alternative investing. The New York-based firm, founded in 1988, has expertise in a broad range of absolute return strategies. Currently, Angelo, Gordon is investing the 7th in a series of closed-end opportunistic real estate funds, representing $1.25 billion of equity capital.
Colliers (www.colliers.com) is one of the largest commercial real estate firms in the world, with 294 offices in 61 countries in the Americas, Europe, the Middle East, Africa and Greater Asia. Colliers International manages more than 1.1 billion square feet of commercial property and has revenue in excess of $1.6 billion.
Hillwood (www.hillwood.com) is one of the top residential and commercial developers and investors in the United States. The company owns 30 residential communities and four golf courses across the country, as well as a luxury home development in Costa Rica. Hillwood has delivered nearly 20,000 single-family lots over the past two decades since it was founded in 1988.
In addition to its exceptional residential communities, Hillwood, a Perot company, is best known for its development of the 17,000-acre AllianceTexas project, located 15 miles northwest of DFW Airport; the $420-million American Airlines Center and Victory district near downtown Dallas; and the 2,000-acre AllianceCalifornia development near Los Angeles. The company’s developments currently house facilities for 65 companies listed on either the Fortune 500, Global 500 or Forbes List of Top Private firms.
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