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Rancho Mission Viejo Ramps Up Rienda Work

279 More Units on Tap; Three Builders Picked

Shortly after opening the first 671-home phase within the village of Rienda, Rancho Mission Viejo has selected a trio of builders for the second, 279-home phase of its latest housing development, by far the largest residential project underway in South Orange County.

The three builders all have significant Orange County operations and include Newport Beach-based Trumark Homes, Nevada-based Tri Pointe Homes Inc. (NYSE: TPH) and Miami-based Lennar Corp. (NYSE: LEN).

The first phase of Rienda opened in April, and has been “selling at a fast rate,” prompting the company to push up plans for the second phase, according to Paul Johnson, RMV’s executive vice president of community development.

To date, 178 homes have sold in the first phase of Rienda’s development, which includes seven neighborhoods. The first move-ins are expected this month. Houses there are currently selling for nearly $500,000 for more affordable units, to over $1 million for larger homes.

 

First Trumark Project

The next phase of Rienda will include two-story single-family homes by Tri Pointe and Trumark—called Botanica and Dahlia, respectively—and two 55+ offerings by Lennar totaling 145 homes.

Dahlia is Trumark Homes’ first neighborhood in Rancho Mission Viejo, according to Trumark Southern California Division President Richard Douglass.

Tri Pointe’s homes will include three floor plans ranging from 2,200 to 2,400 square feet “with backyards and open-concept design,” according to Division President Tom Grable. Haven by Lennar will include single-level and two-story duplex homes, while Pearl by Lennar will include single-level and two-story single-family homes. Amenities will include a pool, spa, outdoor dining patio and entertaining room.

Home sales are expected to begin later this year. Pricing starts around $950,000.

 

Largest Phase

Rienda is just one part of the third phase of housing development at the South County master-planned community, located south of Ladera Ranch. The third phase of RMV will total 7,000 homes.

The first phase at RMV—the 1,334-home Sendero—launched in 2013 and sold out in two years. The second phase, the 2,700-unit village of Esencia, opened in 2015 and sold out last year.

The Rienda portion of the latest phase of constrution will include about 2,900 homes upon completion, with a cumulative value in the neighborhood of $2 billion.

The first batch of construction at Rienda includes homes from Lennar, Tri Pointe, Meritage Homes and Pulte Homes.

 

South OC Stats

Pulte debuted the Evolve neighborhood within Rienda, a 73-home single-family project, during the second quarter. Ten homes have sold to date for an average price just north of $1 million, according to Irvine-based Land Advisors Organization.

RMV is currently selling four attached communities representing 62% of the total attached units for sale in South Orange county, Land Advisors’ data indicates.

There are 11 detached projects actively selling in South Orange County totaling 1,119 homes. Other large developments include Toll Brothers’ 500-home Meadows project in Lake Forest.

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