Newport Beach’s Landsea Homes Corp. (Nasdaq: LSEA) has kicked off work at its latest Orange County development, a 132-home project in San Juan Capistrano.
The two new neighborhoods, named Avelina and Petra, are east of the San Diego (5) Freeway, on a 13-acre plot of land near the city’s 24-Hour Fitness gym.
Landsea paid $30.1 million for the land in April, property records indicate. That works to a price of about $2.3 million an acre, and $228,000 per home lot.
Avelina is a collection of 89 townhomes ranging from 1,141 to 1,743 square feet. Petra has 43 single-family homes plans that range from 1,633 to 1,825 square feet.
Pricing will start at nearly $800,000 for the communities, which are expected to open next summer.
Along with San Juan Capistrano, Landsea has a townhome project in the works in Anaheim called Nolin. Homes there are expected to start around $600,000.
Last week, the builder disclosed plans to build 139 new homes in Placentia, for a townhome community called Hudson.
Homes at the gated community will run in size from 806 to 1,349 square feet. Pricing and an opening date weren’t immediately disclosed.
It is still selling homes at its first big project in OC, Lake Forest’s IronRidge community.
The homebuilder is valued around $400 million; it expects total sales for 2021 to top $1 billion, though it is seeing supply chain issues cause delays to its scheduled deliveries and community opening.
Supply chain issues “continued to be a challenge for our industry during the quarter, and we had to slow the cadence of our sales efforts as a result,” President and COO Michael Forsum told analysts last month.
“While these operational issues were present in all of our markets, they were especially acute in Arizona, which is our largest market.”