Menlo Park, CA (PRWEB) December 17, 2009
HG Capital, LLC (“HG”) is pleased to announce the acquisition of Monterey Ridge, located in Palm Desert, California. The property is comprised of 227 finished lots, 20 completed town homes, a 7,000 square foot clubhouse, and a pool facility. During the last 18 months, HG has acquired approximately 1,700 residential lots in California. HG acquired Monterey Ridge in September 2009. The transaction is the third joint venture between HG and Global Investment and Development, LLC (“GID”), a Los Angeles based land development company.
Monterey Ridge benefits from an existing recreation center, gym facility, and swimming pool. The community’s location provides excellent retail and freeway access. Residents of Monterey Ridge also have access to the prestigious Palm Desert schools.
The acquisition price was approximately 15% of the outstanding debt balance. For the all-cash purchase, HG provided 95% of the required capital. The business plan is to sell the town homes within the next 18 months and hold the finished lots in a long term investment portfolio, with an ultimate sale to a homebuilder.
Established in 1995, HG Capital is a real estate private equity firm located in Menlo Park, CA. The firm has invested equity, mezzanine, and participating debt in over 70 real estate projects and continues to actively seek both residential and commercial real estate opportunities.
Global Investment and Development is a diversified real estate investment and development company looking to acquire real estate opportunities across the West Coast.
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