A Los Angeles-based real estate development firm has purchased The Villas of Mirada, a gated, upscale residential development on 27 acres in the hills of Rancho Mirage that had fallen into foreclosure.

Meriwether Management Co. acquired the property and has begun offering eight completed homes for more than $1 million apiece on the north side of Frank Sinatra Drive near Highway 111.

Forty-six additional homes with panoramic views of the Santa Rosa Mountains are planned for the area adjacent to the Ritz-Carlton resort.

Graham Culp, one of Meriwether's three principals, said it was an opportunity for the firm to acquire a distressed, luxury residential project with fully completed infrastructure and standing inventory “at a significant discount to replacement cost.”

“Our sense of the Coachella Valley is that there is lots of inventory on the market, and you have to find something that distinguishes itself,” Culp said. “What we have at the Villas of Mirada are incredible views and access to the Ritz.”

Rancho California Investments' 244-room Ritz-Carlton is being renovated and is slated to open sometime during the first quarter of 2012, Rancho Mirage officials said.

An agreement allows The Villas of Mirada homeowners access to the resort's facilities without membership fees or hefty annual dues, Culp said.

Texas-based bank Amery had accepted a deed in lieu of foreclosure in November. The terms of the purchase by Meriwether were not disclosed.

Meriwether is in a joint venture with Monterrey, Mexico-based investment partners Gava Capital and PC CAD.

Meriwether plans to kick off a second phase of construction early next year, Culp said.

Culp, along with fellow principals Noah Hahn and Brian Barrrow, said Meriwether plans to invest $100 million over the next few years in real estate projects in resort and urban markets throughout North America.

According to The Villas of Mirada website, three floor plans are available in Spanish or Tuscan styles ranging from 2,950 square feet to 3,737 square feet.

The property also includes 23 finished lots ranging from 11,590 to more than 21,551 square feet.

The La Quinta-based brokerage ProNet Properties is handling home sales.

Fred Wilson, a real estate agent with ProNet Properties, the eight homes have asking prices of $1.25 million to about $1.5 million. They were built between 2007 and 2010.

Roughly 15 homes built and completed in 2006 that were part of the first phase of the development sold for $2.25 million and up. Those homes are not part of the Meriwether sale.
Houston-based Senterra Real Estate Group was the previous developer behind The Villas of Mirada.