D.R. Horton has acquired 329 single-family lots at Verano, a 1,362-unit master planned community within the city of Cathedral City, California from Inland Communities Corp. The Hoffman Company, the broker, made the announcement Tuesday.
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 4,142, 5,232 and 6,540 square feet, 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.
“There are very few, if any, opportunities for budget-conscious families, young professionals and empty nesters to get into quality housing in the western Coachella Valley,” said Erik L. Christianson, senior vice president for The Hoffman Company, who brokered both sides of the deal. “Verano is the best-located FHA mortgage price-band option within Riverside County, and it offers easy commutes and convenient access to all this region has to offer.”
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.