Diversified Pacific Announces the successful sale of 34 Acres of Residentially zoned land in Banning, CA
34 Acres owned and managed by Diversified Pacific Opportunity Fund
Banning, California, August 2, 2023
Diversified Pacific is pleased to report the successful entitlement and sale of 34 acres in Banning, California. The asset, held in an entity known as Banning Wilson 97, LLC, is another successful completion of a sale of residential land held in the company’s Diversified Pacific Opportunity Fund. The fund was formed in 2008 and to date has controlled more than $100 million of land for entitlement and development.
The 34 acre site is located on the north side of Wilson Street, west of Sunrise Avenue in the City. The property has an approved and recorded final map for 98 single family lots. Diversified Pacific graded the site to blue top condition and installed significant storm drain infrastructure for the project in 2022.
Working in cooperation with the buyer, WJK Commercial from Rancho Mission Viejo, CA, a conditional use permit was processed on the property, providing for 186 duplex units on 93 of the lots, with the remainder being used for additional open space amenities for the project. Nine of the future units will be designated as affordable units for Very Low Income households. The new rental community was approved by the Banning City Council in July of this year.
The two story paired homes approved by the City will include floor plans ranging in size from 1,400 to 1,711 square feet, with 3 to 4 bedrooms, each with a two car garage. Architectural styles include both Cottage and Spanish elevations.
“Diversified is very excited about WJK’s plans for the property. This paired home product provides a housing option that was previously not available in the Banning area ”, stated Brian Bush, Vice President of Acquisitions for Diversified. “It’s always exciting to see a plan come together, with such tremendous support from City Staff and elected officials.”
About Diversified Pacific
Diversified Pacific is an Inland Empire residential developer and land entitlement company that has been active in Southern California since 1990. The company excels at working closely with cities, property owners and trade partners to entitle and build much needed housing throughout southern California.