California developer buys land in Lake Las Vegas

California land developer The Hoffman Co. has closed the sale of 344 partially improved lots on 127 acres at the former site of The Falls Golf Course within Lake Las Vegas in Henderson.

Alhambra, Calif.-based developer RY Properties with their investors purchased the lots for $12.5 million.

Lake Las Vegas, a 3,600-acre residential and recreational community surrounding a 320-acre freshwater lake, emerged from bankruptcy in 2010.

“The land business has similarities to the Buddhist philosophy of birth, death and rebirth, and there is no place where this is more clear than Lake Las Vegas,” said Aman Lal, a broker for The Hoffman Co. who closed the sale. “This investment demonstrates investors’ confidence in the rebirth of Lake Las Vegas. Seasoned real estate investors are placing large bets on the future of Lake Las Vegas and its return to prominence.”

The Hoffman Co. closed 46 transactions totaling $105 million in the Las Vegas area in 2014, including a 42-acre sale in Inspirada, a new master-planned community in Henderson, to Pardee Homes.

Kimberly Yu of RY Properties indicated that the plan is to develop three communities at Lake Las Vegas with homes of various types, sizes and price levels in The Falls:

▶ Verona with 127 lots;

▶ Serrano with 105 lots;

▶ And Providence with 112 lots, many of which have spectacular views of the Strip, Lake Las Vegas and Lake Mead.

Improvement plans and final maps have been approved, and the lots have been rough-graded. Verona and Serrano have water, sewer, roadways, curbs, gutters and streetlights, and Providence has water and sewer.

The company plans to convert some “split-level” lots into single-level estate lots catering to retirees and empty nesters.

The purchase also includes 55 undevelopable lots in two open-space parcels. The former golf course will be open to residents for recreational use, and former golf cart paths have been turned into walking trails.

The 344 lots originally were purchased by a regional homebuilder that spent tens of millions of dollars on grading and development in the mid-2000s before losing the property in the recession. Development at Lake Las Vegas, which consists of a total of more than 4,000 lots, is overseen by Raintree Group, an investment firm for billionaire investor John Paulsen.

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