Photo of exterior patio at Villas of Mirada at sunset

VENTURES

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Villas of Mirada Rancho Mirage, California

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. With two new communities, Meriwether is positioned to continue the success from Villas of Mirada on a larger and more varied scale.

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. All told, the Project will deliver nearly a 30% IRR and 2.0x multiple on invested equity.

Project Details

Type:
46 residences
Status:
Complete
Quote from Partner Graham Culp - Villas of Mirada was an opportunity that allowed us to continue the development of a community that had found trouble during the downturn. Rewarding for both the current homeowners as well as the new families who chose to make Mirada their home.
Villas of Mirada logo
Photo of interior living space at Villas of Mirada
Photo of exterior of Villas of Mirada residence
Photo of exterior swimming and patio area at Villas of Mirada
Homeowners enjoy unparalleled views while benefiting from easily accessible amenities and a central location in the Coachella Valley.
Photo of exterior of Villas of Mirada residence
Photo of Villas of Mirada residence
Photo of landscape and patio at Villas of Mirada
Photo of patio seating area at Villas of Mirada
Photo of patio seating area at Villas of Mirada
Photo of exterior entry to Villas of Mirada at night
Photo of interior kitchen at Villas of Mirada residence
Photo of exterior of Villas of Mirada residence at sunset