LOS ANGELES, CA — MAY 20, 2020 — Tahiti Partners received unanimous approval to build 32 for-rent townhomes in eastern Riverside County via a City of Banning Planning Commission hearing. The hearing was held virtually, due to the ongoing COVID-19 pandemic. Named Vista Serena, the 32-unit project is a legacy asset of Tahiti Partners Properties Corporation, which is purchasing the 32 finished lots in a previously developed project that already includes 96 finished townhomes in a gated community. The Vista Serena complex was originally approved and developed in the early 1970s but the final 32 lots had never been improved with townhomes. The 32 townhomes being built by Centre Urban will range in size from 1,000 square foot to 1,220 square foot and will feature two bedrooms and two and one-half baths, with two-car garages. Each unit will include a master suite, kitchen, pantry, living room, dining room, laundry closet, patio and deck.
Loren G. Smets, A.I.A., formerly of LGS Architects and Pardee Homes, designed the 32 units, which incorporate the Spanish-style architectural design of the existing 96 townhomes. Feiro Engineering is the Civil Engineer, Gouvis Engineering Consulting Group is the Structural and Title 24 Engineer, and Hermann Design Group is the Landscape Architect.
The existing units have demonstrated a strong occupancy history, comprised mostly of longer-term tenants, with rents steadily increasing over the years. Vista Serena is located within five miles of Desert Hills Premium Outlets, an asset of Simon Property Group, and the Morongo Casino Resort & Spa, which is currently undergoing a significant remodel of its 27-story resort tower, encompassing 310 guest rooms, and 65,000 square foot expansion of its casino.
Tahiti Partners was able to facilitate significant risk-adjusted returns by structuring an innovative acquisition strategy while offsetting risks by identifying the existing market demand through the strong occupancy and rent history of the existing complex. The purchase and development of Vista Serena is part of Centre Urban’s investment strategy to focus on creating moderate and workforce housing in areas with demonstrated or anticipated demand growth. Construction on Vista Serena is anticipated to begin in the third quarter of 2020.
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