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Jordan Ranch

Jordan Ranch is a 187.4 acre site located in Dublin, Contra Costa County, which McKinley acquired at a 70% discount to peak pricing in partnership with BlackRock. McKinley and its operating partner, Mission Valley Development, secured approval of 899 residential units (619 single-family detached homes and 280 townhomes). The partnership processed, financed and developed the infrastructure for the project. The partnership began selling finished lots to builders in 2012. The final sale of lots will be in December, 2016.

 

Investment Type
Land entitlement completion and horizontal infrastructure developmentResidential Product
619 Single-family lots, 280 TownhomesLocation
Dublin, CA (Alameda County)Investor
BlackRock and Mission Valley Property


Fairfield

McKinley Partners purchased a controlling interest in a 385 acre site approved for a master-planned residential community in Fairfield, California. The Canon Station community will have a mix of housing, retail, two community centers, parks, trails and a lake when completed. The property is located near the I-80 corridor midway between Sacramento and the Bay Area. It is within the Train Station Specific Plan (TSSP), which includes a master-planned residential community of up to 6,000 residences that will feature a new train station, town plaza, shops, industrial area, and a 50-acre community park. Canon Station LLC, consisting of managing partner McKinley Partners and limited partners (including the Yarbrough family), will be developing the property with roadways and infrastructure improvements in preparation for sale to home builders.

 

Investment Type
Land entitlement completion and horizontal infrastructure developmentResidential Product
2,300 single-family and multifamily housing units, hiking and bike trails encircling the community, exceptional school district.Location
Fairfield, CA (Solano County)Investor
Canon Station LLC


Alamo Creek

In early July, 2010, McKinley entered into a partnership agreement with Alamo Glenn Partners (land owner/developer), whereby McKinley has agreed to fund certain land carry costs (mainly debt service) over a limited number of years. The property consists of 43.3 acres, and is located in southeast Vacaville, within the Southtown master planned community. Roughly three quarters of the site is entitled for 141 single-family lots which was sold in 2014, while the balance of the property is approved for 200 apartment units. The business plan is to re-entitle the apartment site for 68 single family units, then sell the subdivisions.

Investment Type
Developer joint-ventureResidential Product
141 Single-family lots (sold); 68 future residential unitsLocation
Vacaville, CA (Solano County)Investor
Tony Keslinke


The Vineyard

In March, 2010, McKinley entered into a joint venture with Argosy Capital (the Investment Team) to acquire a 59.8 acre site in Ontario, Riverside County, at a distressed price from California Bank & Trust.

The property is entitled with a Tentative Map, a Development Agreement, and improvement plans read for Final Map submittal. The entitlements provide for 229 residential lots, and a 10.2-acre school site. If the School District elects not to purchase the 10.2-acre site, the site could be rezoned for an additional 47 residential lots.

McKinley has been tracking this property as it went through the foreclosure process, bank failure, and FDIC asset transfer to the current bank. Distinguished Homes, the original project developer, became the asset manager/operator of the project, and a co-investor.

The project business plan envisions two disposition strategies: sell the project without improving the 59.8 acre site, or install the infrastructure improvements on a phased basis then sell finished lots to a single or multiple home builders.

Investment Type
Land entitlement completionResidential Product
229 Single-family detached lots and 10 acres being sold to school districtLocation
Ontario, CA (Riverside County)Investor
Argosy Capital and Distinguished Homes


Los Carneros

Los Carneros is a 45 acres site located in Goleta, Santa Barbara County, a high-profile location just off the Los Carneros Road off-ramp of Highway 101. This project had previously been entitled by a real estate opportunity fund for a high-density residential project.

McKinley and its joint venture partner, Comstock Homes, acquired the property for $9.4 million; it had originally been listed for $30 million and the previous fund had invested $25 million in the project.

The partnership reduced the project's density and sold the property for $42mm.

Investment Type
Land re-entitlement and revise product mixResidential Product
56 Single-family lots, 177 Townhomes, 144 Apartment units, and 39 CondosLocation
Goleta, CA (Santa Barbara County)Investor
Comstock Homes


Mosaic

The Mosaic property, comprised of approximately 18.7 acres of a larger 80 acre subdivision, is in a prominent location on the Southern side of Menifee, in Riverside County. It is located in one of the fastest growing employment corridors in the country, between Ontario (30 minutes) to the north and Temecula (15 minutes) to the South. The property sits in a highly visible location off the Highway 215 corridor, greatly increasing sales traffic, yet distant enough to avoid sound impacts from the freeway. McKinley acquired the property under distressed circumstances from Key Bank in April , 2008. The acquisition price included prepaid fees and graded pads making the acquisition cost below the lot’s replacement value.

Investment Type
Land holdingResidential Product
64 Single-family lots (blue top construction)Location
Menifee, CA (Riverside County)