Northlight Capital Partners has acquired the remaining assets from the bankrupt estate of Verano Recovery for approximately $20 million.
Acquired assets include the remaining 138 acres of residential development land within the Verano Master Planned Community in Cathedral City, Calif., a desert resort city in Riverside County.
Located approximately 10 minutes from the Palm Springs Airport, the property includes 892 partially platted lots entitled for a variety of detached single-family residential and multifamily units. As part of its acquisition, Northlight will work with various governmental agencies to construct a 2.5-million-gallon water reservoir that will serve the Verano community.
“The Palm Springs/Coachella Valley market is one of the fastest-growing MSAs within California. Over the past several years, Palm Springs has enjoyed a solid and growing commercial base moving it from a traditional second home market to a primary home market,” said Ben Geri
