RIVERSIDE, CA — Mountain Real Estate Capital (MREC) announces the formation of a new venture with Warmington Residential to acquire and develop 48 lots located within the prestigious Stellan Ridge community in Riverside, Calif.
This is the first partnership between MREC and Warmington. The hilltop project will offer one to eight acre lots with expansive views of the surrounding area. Warmington will build luxury single-level homes ranging in size from 3,400 square feet to over 4,100 square feet. The floor plans will allow homebuyers to highly customize their homes by selecting from a wide range of available options including a 400-square-foot detached living space and up to 6 bedrooms and a 6-car garage.
“Stellan Ridge is a great opportunity to expand MREC’s California portfolio and we are truly excited to partner with Warmington Residential, one of the premier homebuilders in California and Nevada,” said MREC Managing Director Lisa Albanez, who along with Justin Rutherford, completed this transaction on behalf of MREC. “Having partnered with Warmington for many years on numerous other projects, I am truly excited to continue this relationship with them here at MREC. We look forward to helping Warmington grow their business and take advantage of the continued housing recovery.”
Jim Warmington, Jr., CEO of Warmington Residential, states, “After over 20 years of working with Lisa, we are very excited to continue building great communities with her and the MREC team beginning with Stellan Ridge. We have designed innovative products for this beautiful community and believe it will appeal to a wide range of new home buyers.”
Warmington is a fourth generation, privately held group of companies that traces its roots to the 1920’s when the first Warmington company was founded. Today, the Warmington group of companies is a fully integrated real estate developer, owner and operator of for-sale residential homes, multi-family housing, retail and commercial properties. Over the years, various Warmington companies have built more than 40,000 single and multi-family homes.
Since 1993, Mountain Real Estate Capital has been a leading private equity source for real estate developers and builders. MREC, capitalized with $1 billion for joint venture investment, is headquartered in Charlotte, N.C. with offices in Minneapolis, San Diego, Austin and New York. Since 2010, MREC has acquired over 36,000 lot/homes and another 9,000 developable acres, deploying approximately $600 million of equity investment. MREC has partnerships with 14 best-in-class developers and builders, closing deals in 16 states.