Richmond American Homes Acquires Remaining 261 Single-Family Lots of Braverde Master Planned Community
Land Advisors Organization is pleased to announce the sale of the remaining 261 single-family lots within Phase 2 of the Braverde master planned community to public homebuilder Richmond American Homes. Richmond American closed on the lots in “blue-topped” condition, with the seller, IHP Capital Partners, delivering finished lots post-close. The transaction is the homebuilder’s second acquisition within Braverde, which is located in Menifee, Calif. and will include a total 511 new homes of varying sizes and architectural styles at completion.
“IHP is excited for Richmond American’s renewed commitment to Braverde while the builder experiences success selling homes in Phase 1,” said Jeff Enes, senior vice president at IHP Capital Partners. “Braverde is one of the top-performing residential projects in the Inland Empire, selling about five to six homes per month. The increased demand for new homes continues throughout Southern California, and finished buildable lots are difficult to come by. IHP is pleased to have Richmond American acquire the balance of Braverde’s homesites and bring the project through to completion.”
IHP and its assembled development team entitled and developed Braverde’s residential lots and remaining infrastructure after acquiring the 170-acre property in 2019 in unimproved condition. Infrastructure improvements are on track to be complete by Q1 2022.
Richmond American plans to begin Phase 2 home construction and offer its first sales in Q1 2022. Home sizes and pricing are expected to be consistent with those of Phase 1. The public builder acquired Phase 1 in Q4 2020 and is now actively selling three product lines named Liberty, Seasons Elevated and Seasons Ranch. Home sizes in those communities range from 1,410 square feet to 3,040 square feet with base pricing from $492,990 to $598,990.
The Menifee and South Riverside County housing market continue to see strong new home sales in 2021. According to Land Advisors Organization, a leading residential land brokerage firm that led the sale transactions for both Phases 1 and 2, more new homes have sold in Menifee this year than in any submarket in Riverside County, with an average sales pace of 4.3 homes per month. The median closing price for a new single-family home in Menifee has increased 28% in the last 12 months.
“Menifee is one of the most desirable cities within the Inland Empire due to its good schools, many new parks and open spaces, and relative affordability,” said Andrew Sinderhoff, vice president at Land Advisors Organization. “Homebuyers are aggressively seeking modern new homes in the suburban submarket with added space and layouts that complement the post-pandemic style of living. IHP’s investment in Braverde reflects the firm’s understanding of the local market and expertise in delivering much-needed finished residential lots at an ideal time.”
Braverde is located in east Menifee at the southeast corner of Garbani Road and El Centro Lane. Approximately three miles to the I-215 freeway, the community is accessible to regional employment centers in the Inland Empire core, as well as in San Diego, Orange and Los Angeles counties.
Surrounded by Menifee’s spacious views and natural landscape, Braverde offers ample amenities to residents seeking an outdoor-focused lifestyle such as Diamond Valley Lake, which is about 15 minutes from the community. Veterans Park defines the east side of the community and includes 15 acres of ballparks, play areas, tot lots, trails and event lawns. The newly built Liberty High School, which opened in August 2021, is also adjacent to the community.
“Richmond American is grateful for the opportunity to deliver over 500 quality new homes in Menifee, especially in an environment where competition for builder-ready lots is remarkably high,” said Alex Wong, executive vice president of operations, Riverside Division. “With two successful sales transactions at Braverde and years of conducting business together in South Riverside County, Richmond American looks forward to our continued relationship with IHP Capital Partners.”
The Riverside County Land Team at Land Advisors Organization consisting of Brian Carricaburu, Andrew Sinderhoff and Chris Shiota represented IHP in this transaction. Terms of the deal are confidential.