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2/18/15
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Here’s news of a sizable residential land buy in the Vegas area, as Alhambra-based developer RY Properties and its investment partners purchased 344 partially improved lots on 127 acres at the former site of The Falls Golf Course within Lake Las Vegas, a 3,600-acre residential and recreational community surrounding a 320-acre freshwater lake in Henderson. The lots sold for $12.5 mil.
RY Properties indicated that they plan to use the land to develop three communities at Lake Las Vegas with homes of various types, sizes and price levels. These include: Verona with 127 lots; Serrano with 105 lots; and Providence with 112 lots, many of which have spectacular views of the Las Vegas Strip, Lake Las Vegas and Lake Mead. Improvement plans and final maps have been approved, and the lots have been rough graded. Verona and Serrano have water, sewer, roadways, curbs, gutters and streetlights, and Providence has water and sewer.
The company plans to convert some “split-level” lots into single-level estate lots catering to retirees and empty nesters. The purchase also includes 55 undevelopable lots in two open-space parcels. The former golf course will be open to residents for recreational use, and former golf cart paths have been turned into walking trails.
The 344 lots originally were purchased by a regional homebuilder that spent tens of millions of dollars on grading and development in the mid-2000s before losing the property in the recession. Development at Lake Las Vegas, which consists of a total of over 4,000 lots, is overseen by Raintree Group, an investment firm for billionaire investor John Paulsen.
The transaction is another indication that Lake Las Vegas, which emerged from bankruptcy in 2010, is poised for resurgence. Aman Lal of The Hoffman Company represented both parties in this transaction.
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