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11/07/18
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D.R. Horton acquired 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 between 4k sf and 6.5k sf in size, 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.
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.
Erik L. Christianson with The Hoffman Company brokered both sides of the deal.
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 mil in local income, $11.8 mil in taxes and other revenue for the City of Cathedral City, and 1,296 local jobs.
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