Irvine-based California Coastal Communities Inc. said on Friday it has sold 17 model homes at its Brightwater development in Huntington Beach to a local investor, for $25 million.
The homes are part of the 300-plus home development California Coastal has under way in the Bolsa Chica wetlands.
California Coastal plans to lease back the models from the investor for at least the next three years, for about $9.7 million.
Filings with the Securities and Exchange Commission show the buyer being IHP Capital Partners, an Irvine-based housing investor.
The two companies will split the profits once the leases expire and the model homes are sold to homebuyers.
Other homes at the Brightwater development have been selling at more than $2 million each.
California Coastal is using about $21 million from the sales to pay down debt.
The leaseback plan “increases our liquidity and improves our company’s financial position during this extraordinarily difficult time in the housing market,” chief executive Raymond Pacini said in a statement.
