Argosy Invests In Tuscany Portfolio
In two related transactions on June 28 and July 11, 2013, Argosy Real Estate made a controlling equity investment in Tuscany Valley and Tuscany Crest, two adjacent sites totaling 90 acres planned for 355 single family residential units. The Project is located in the city of Lake Elsinore, CA, in the southwest Inland Empire, along the Interstate 15 corridor which is a preferred area for land acquisition by public homebuilders. The business plan is to hold the Project in its current undeveloped state while the already limited lot supply in the submarket is further absorbed.
Argosy has partnered with the Shopoff Group, an experienced local land investor with expertise in entitlements and development, who will serve as operating partner and is a co-investor in the project. Shopoff has a long and successful track record in markets across Southern California, and is particularly experienced in the Lake Elsinore market.
Communities along the I-15 corridor are generally considered “A” locations for homebuilders active in the Inland Empire, as they are more mature than the more easterly submarkets of the Inland Empire and feature shorter commuting times to major job centers in Los Angeles, Orange County and San Diego. Most public builders with a national footprint, along with a growing number of regional and local builders are currently active in the Inland Empire market. Among communities along I-15 in Riverside County, Lake Elsinore has traditionally offered more affordable homes due to slightly longer commutes versus submarkets further north or south, while still offering good schools and superior retail and recreational amenities compared to Inland Empire submarkets further to the east.