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Monday, Dec 5, 2022

139-Unit Townhome Project Underway in Placentia

Newport Beach’s Landsea Homes Corp., the largest publicly traded homebuilder based in Orange County, has broken ground on its latest local residential project, a 139-unit community in Placentia that’s about a mile north of the Riverside (91) Freeway.

The gated townhome development, called Hudson, will include homes ranging from 775 to 1,638 square feet.

The project is at 443 S. Van Buren St., a 5.7-acre parcel south of Orangethorpe Avenue previously used as an auto lot.

Landsea paid $12.2 million, or about $2.1 million per acre, for the land last July. The townhome project was announced by the builder last November.

European Style  

Hudson will include 63 traditional row townhomes and 76 back-to-back townhomes in a Dutch “woonerf design” concept, which “embraces the idea of a ‘living street’ between the buildings with room for pedestrians and cyclists,” according to the builder.

Amenities will include outdoor common areas with fire pits and barbecue grills, bocce ball courts, a dog park and a tot lot.

Sales are expected to kick off later this year; prices have yet to be disclosed.

“Placentia offers attainably priced housing options in contrast to its neighboring cities,” said Tom Baine, Southern California division president for Landsea Homes. “This is a great opportunity for Landsea Homes to expand its footprint in Orange County, which is a very important market.”

Hudson is the latest new home project to kick off in Placentia, joining Shea Homes’ 54-home Camila project that delivered last year and has since sold out.

SJC, Anaheim Up Next  

Elsewhere in Orange County, Landsea recently began sales for a 65-townhome community in Anaheim, called Nolin. It also recently began construction on two new neighborhoods in San Juan Capistrano called Avelina and Petra; those communities will include detached homes and townhomes on a 16-acre parcel just east of the Santa Ana (5) Freeway.

Outside of OC, Landsea this year began construction on the 489-home Narra Hills community in Fontana.

It’s not just homesites that are up for grabs by Landsea.

The company (Nasdaq: LSEA), which earned more than half its revenue last year from projects in California, is expanding into new markets, specifically Texas and Florida, by way of company acquisitions. It kicked off 2022 by acquiring Hanover Family Builders, an Orlando, Fla.-based homebuilder, in a deal worth almost $250 million.

In 2021, Hanover topped $200 million in sales, closing 632 homes at an average selling price of $328,323.

Fast Growing 

“We have been one of the fastest-growing homebuilders in the country over the last several years and believe this trend will continue, thanks to our strong capital position and our proven model for expanding our operations,” CEO John Ho said in a Leader Board article published on Jan. 17.

The company counts a valuation near $400 million.

It began trading on the Nasdaq at the start of 2021 after it closed a reverse merger with New York-based LF Capital Acquisition Corp.

Landsea topped $1 billion in sales last year, the first time the builder’s done so in its eight years of operations. Outside California, Arizona is its largest market. 

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