The original developer had the misfortune of acquiring the project at the peak of the market, and due to current market conditions we were able to make this acquisition well below replacement cost.
San Ramon, CA (PRWEB) February 16, 2010
San Ramon, California based residential land developer Americap Development Partners recently announced the acquisition of thirty-two lots located in El Sobrante, California. The project, Colina Canyon, had become a causality of the past few years’ real estate woes and was languishing on the books of a large national bank until it was discovered by Americap Development Partners’ President, Mark Rowson.
“We have been working on this deal for over a year now,” Rowson explained. “We believe in Colina Canyon, and in the viability of El Sobrante as a Bay Area submarket. The original developer had the misfortune of acquiring the project at the peak of the market, and due to current market conditions we were able to make this acquisition well below replacement cost.”
Acquisitions below replacement cost are a key component of Americap Development Partners’ current acquisition strategy, which focuses on discounted acquisitions in key Northern California submarkets. Americap’s CEO, Scott Clark was recently quoted as saying that America "needs 1.2 million new units per year for the next 10 years just due to population growth, to address the inevitable pent-up demand. We want to acquire and aggregate a significant number of mapped and finished lots to be ready for demand as the market returns.”
Americap Development Partners will complete Colina Canyon’s infrastructure by July of this year, and looks forward to bringing the community online to meet the local need for new housing.