Irvine, Calif.—Homebuilder Landsea has announced a major land purchase in the Orange County, Calif., municipality of Lake Forest. The purchase of more than 550 lots from Sun Ranch Capital Partners for an undisclosed amount will result in Landsea building a new gated and amenity-packed community of 313 single-family detached homes and about 240 townhomes on the 95-acre parcel.
Homes in the community will extend in size from approximately 1,300 to almost 4,000 square feet, will be priced from the mid $400,000s to the low millions and are expected to attract a broad market of buyers. Many of the residences will feature perspectives on the Saddleback Mountains to the east, and views stretching to legendary Catalina Island to the west.
“We’re excited about our 95-acre acquisition in Orange County,” Landsea Holdings Corporation CEO John Ho said. “This is a truly unique and special opportunity. Strategically, this acquisition provides numerous intangible benefits to our organization—benefits which simply can’t be derived from a more typically-sized acquisition.”
The community will have no Mello-Roos tax, and an already-low property tax. As a result, buyers will be able to benefit from an affordable and efficient alternative. That is expected to appeal to a wide spectrum of buyers, including singles, young families and downsizing or move-up home purchasers.
Residents are likely to be equally drawn to the development’s location, convenient to top-rated Saddleback Valley Unified District schools, a new five-acre park and 57-acre sports and recreation center, an integrated trail system, the Whiting Ranch Wilderness Park for mounting biking, hiking and cross-country running and the Cleveland National Forest. A number of nearby retail venues beckon, including Foothill Ranch and the Irvine Spectrum, which are easily accessible via State Route 241 and I-5.
The community is also well located to job centers. Nike, Broadcom, Panasonic Avionics, Oakley and other large employers dot the immediate area.
Amenities of the gated community are to include a pool and clubhouse, picnic area and tot lots. The architectural team includes Ettinger & Associates, SDK Atelier, William Hezmalhalch Architects and Woodley Architectural Group.
The parent company of Landsea was an early adopter of green technology in Asia and Europe years before green building was embraced as a popular movement in the United States. “Our company is committed to continuing the same principles here,” Ho said. “We couldn’t be happier about the location. The city of Lake Forest has been doing great things, and our future homeowners are going to be the fortunate recipients of their hard work and progress.”