Meriwether acquired Villas of Mirada in 2011 for $12 million as a distressed sale from a local bank. Villas of Mirada is a 46-unit luxury single-family development in Rancho Mirage, California located within the Ritz Carlton master plan. Upon acquisition, Meriwether was able to sell off 8 units of standing inventory within the first 4 months. After perfecting expired entitlements and dealing with various engineering issues, Meriwether commenced construction on 6 speculative homes, all of which were pre-sold prior to completion. In the summer of 2013, a local homebuilder offered to buy the remaining lot inventory at a substantial increase to Meriwether’s basis. Investor returns approached a 30% IRR and 2.0x multiple on invested equity.
Villas of Mirada Rancho Mirage
Rancho Mirage, CA
Type: 46 residences
Status: Complete, Past Project
“The first community developed by Meriwether, Villas of Mirada proved to be a great investment as well as a timely introduction to the Coachella Valley. Meriwether continues to build upon the success from Villas of Mirada, with larger projects in the Coachella Valley.”