The new owners of an undeveloped section of the Verano Master Planned community in Cathedral City told News Channel 3 that their goal “is to create a product and new offering that will meet the needs of the growing middle-class community in the desert (without breaking the bank)”
The neighborhood is located in Verano and Rio Guadalupe.
Northlight Capital Partners LLC acquired the remaining 138 acres of residential land for approximately $20 million. According A press release“The property comprises 892 partially serviced lots for a variety of single-family and multi-family detached residential units. As part of its acquisition, Northlight will work with various government agencies to construct a 2.5 million gallon water reservoir that will service the Verano community.”
News Channel 3 has contacted CEO Ben Gerig of Northlight Capital Partners.
In a statement, Gerig said, “Over the past several years, Palm Springs has benefited from a strong and growing business base, transitioning it from a traditional second home market to a primary home market…We are excited for the opportunity to bring more quality, affordable housing options to residents of the Coachella Valley.”
The City of Cathedral City provides a list of affordable housing on its site. Click here for more information.
According Kevin Stanley Realtor, the median price of a single-family home in the Coachella Valley in June was $700,000. The The California Association of Realtors reports that in Junethe median selling price of existing single-family homes was $645,000 in Riverside County.
Watch KESQ News Channel 3 at 5 p.m. for the full story on this pitch.