US Bank Sells 118 Acre Development for $3.8 Million

US Bank Sells 118 Acre Development for $3.8 Million-Image by Dominic's pics via Flickr

Court-appointed receiver Douglas Wilson, owner of San Diego-based Douglas Wilson Companies (DWC), announced recently the sale of Evergreen Estates. The purchase price for the 118-acre development in Banning, Calif. was $3.8 million. The seller was US Bank.

Court-appointed receiver Douglas Wilson, owner of San Diego-based Douglas Wilson Companies (DWC), announced recently the sale of Evergreen Estates. The purchase price for the 118-acre development in Banning, Calif. was $3.8 million. The seller was US Bank.

“There were several challenges to be overcome in the negotiating of this deal,” explained Douglas Wilson, CEO of DWC. “The property included lots in various stages of improvement, and there were complexities with some of the conditions of approval. In addition, we needed to oversee transitioning streetscape planting to the city’s landscape maintenance district, ongoing maintenance of regional storm water determine basin and challenges to the existing finishes.”

Featuring an approved tentative map for 302 single-family residential lots, Evergreen Estates inventory includes six furnished model homes, three completed production homes, 56 improved lots and 215 paper lots. Twenty-two homes within the development were previously sold by the original builder.

Based in San Diego, Calif., Douglas Wilson Companies operates four offices around the United States, including Washington, D.C., Las Vegas and San Francisco. To date, the company has provided problem resolution for more than 600 projects involving assets valued in excess of $12 billion.

ABOUT DOUGLAS WILSON COMPANIES

Founded in 1989, Douglas Wilson Companies is one of the largest firms of its kind, providing a wide range of specialized business and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITS, financial institutions and property owners nationwide. Services include workout and problem resolution, forensic accounting and litigation support, joint venture investments and development, small business support, brokerage, asset management, crisis/force majeure response, entitlement and construction management.

Douglas Wilson Companies is headquartered at 450 B Street in the financial district of downtown San Diego. For further information, call 619-641-1141 or visit http://www.douglaswilson.com.

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