Riverside, Riverside County, CA
Just south of the 91 freeway, on the east side of La Sierra Avenue
Riverwalk Vista is a master-planned community in the City of Riverside. Forestar acquired more than half of the 402 lots and became master developer for the entire project. The community features fountains, lush greenbelts, neighborhood parks, walking trails and a resort-style pool and community center.
Riverwalk Vista was one of the most sought-after projects in the Inland Empire. This beautiful and well-designed gated community is within walking distance to schools, mass transit and shopping. By the time the project was mothballed in 2007, the original developer had already graded the site and completed the off-site improvements and the community amenities (pool, clubhouse, entry gates and waterfalls).
Interest from builders and developers to acquire the property was very strong, but the sale was complicated because the ownership of the master plan was fractured and the CC&Rs were not designed contemplating multiple owners. Forestar recognized the opportunity in the complexity of the deal and invested the time to thoroughly examine the critical issues in advance of the foreclosure sale. Forestar showed up at the trustee’s sale and purchased the controlling half of the project on the courthouse steps.
Forestar has worked with the City of Riverside to amend the Specific Plan and approve revised tentative tract maps to accommodate traditional single-family lots. Forestar has coordinated the restructuring of the CC&Rs to facilitate the build-out of the community by multiple owners.
Forestar sold the lots to TRI Pointe Homes and Richmond American Homes and is continuing to manage the issuance of bonds under the approved CFD.