Rice Ranch Funding Shift Strengthens Financial Position

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RR Ventures Acquisition Fund has acquired the interest of Lehman Brothers in Rice Ranch in Orcutt, northern Santa Barbara County's largest master planned community. Rice Ranch Ventures, the owner of the project, is managed by the local development firm Western Pacific Land Group. As a result of the success of Rice Ranch and the strong financial backing from the developer and RR Ventures Acquisition Fund, Rice Ranch has secured favorable long term land development and construction financing for the project, one of the Central Coast's best-selling residential communities.

RR Ventures Acquisition Fund has acquired the interest of Lehman Brothers in Rice Ranch in Orcutt, northern Santa Barbara County's largest master planned community. Rice Ranch Ventures, the owner of the project, is managed by the local development firm Western Pacific Land Group. As a result of the success of Rice Ranch and the strong financial backing from the developer and RR Ventures Acquisition Fund, Rice Ranch has secured favorable long term land development and construction financing for the project, one of the Central Coast's best-selling residential communities.

Over the past 20 years, the developer, Western Pacific Land Group, has crafted many of the most successful large master planned communities in south San Luis Obispo and north Santa Barbara counties, including Blacklake Golf Resort, Bradley Square, Vista Del Mar, and the Woodlands.

Rice Ranch is currently in phase two of its development and, when complete, will have a total of 725 residential units in 5 distinct neighborhoods. Based on strong sales in the current construction phases, a new phase of highly sought after hilltop view homes was recently released for sale – well ahead of the anticipated sales schedule. Construction on this new phase of homes is projected to start in February, 2010.

Rice Ranch's noteworthy sales success can be attributed to a combination of excellent pricing, attractive home designs and outstanding community amenities, including a new $10 million, 26-acre regional park featuring championship soccer fields, youth and adult baseball fields, dog parks, playgrounds, a tot lot and a picnic area. Unlike most new residential communities, the regional park is maintained by the Parks District, not the Rice Ranch home owners association. Rice Ranch also includes approximately 350 acres of open space and preserved natural habitat and miles of walking trails.

Rice Ranch currently offers two neighborhoods featuring seven attractive single-story and two-story designs ranging from 1,777 to 2,878 square feet, and from three to five bedrooms. Prices start from $435,000. All homes at Rice Ranch offer numerous cost-effective water- and energy-saving features.    

For more information on Rice Ranch, call Rhonda Scangarello at (805) 938-0626 or visit http://www.RiceRanchCommunity.com. To visit the models, take 101 to Clarke Avenue and exit west; turn left on Bradley and right on Rice Ranch Road.

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John Dokken
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