Lytle Creek, San Bernardino County, CA
South of I-15, west of Glen Helen Parkway
Rosena Ranch is a 2,000-lot master-planned community in the Lytle Creek area of San Bernardino County. Forestar acquired two planning areas totaling 141 finished lots within the first phase of the community.
GMAC acquired several planning areas of finished lots in a land-banking arrangement for Lennar. Lennar exercised its option for a couple of production phases within each planning area from GMAC and then did not exercise the balance of their option. Forestar purchased the remaining finished lots in two planning areas from GMAC.
The underlying documents between GMAC as land banker and Lennar as builder and master developer were very complex. In addition to standard property-level due diligence, Forestar had to coordinate and manage a multi-party negotiation to clarify and document the rights and responsibilities of the parties. Forestar sold the lots to Standard Pacific Homes and D.R. Horton, and all 141 homes have been built and sold.