SAN DIEGO, June 10 /PRNewswire/ -- McMillin Communities has acquired its second master-planned, mixed-use community within months. The San Diego-based company announced the acquisition of a 6,500-acre community in Missouri and today announced it has purchased a 1,481-home master-planned community and golf course on approximately 700 acres along the southeastern edge of Lake Elsinore in Riverside County, California named Summerly.
Both projects were acquired with financing from a subsidiary of a real estate fund managed by Los Angeles-based Oaktree Capital Management, L.P. The Summerly community is a joint venture of McMillin, Oaktree and Civic Partners of Huntington Beach, Calif.
Summerly, which is part of a redevelopment district within the city of Lake Elsinore, will eventually consist of 22 residential neighborhoods with more than 37 acres of public parks and a number of private parks and recreation facilities, including a private clubhouse, a pool complex overlooking the existing Links at Summerly Golf Course, as well as a possible elementary school site. Several hundred acres of preserved and restored wetland and upland natural habitat will also be created as the project develops.
"We are excited to re-enter the Riverside County market and move forward with the Summerly project. We are excited about working with city officials to make this community meet everyone's expectations," said Mark McMillin, president and CEO of McMillin Communities. "We enjoyed significant success developing the Temeku Hills Golf and Country Club community in the nearby city of Temecula and look forward to similar success in Lake Elsinore.
McMillin owns the Redhawk golf course in Temecula as well as the Sail Ho Golf Course in San Diego. The Summerly course will be managed by the McMillin family and will remain open to the public.
Development at Summerly started in late 2008 after completion of nine model homes , the golf course, and some infrastructure. McMillin will immediately begin work on street and landscape improvements to complete the first phase of Summerly, with a goal to begin marketing the first three neighborhoods of approximately 214 homes by year-end. Home sales in the first neighborhoods are anticipated to begin in the second quarter of 2011.
The McMillin family has developed a total of 17 master-planned communities in Southern California since 1960, when patriarch Corky McMillin started the company. For additional information, visit mcmillinhomes.com.
SOURCE McMillin Communities