In a show of strength for the residential market, FivePoint Holdings, through its Great Park Venture, has sold 798 home sites in Irvine for $357.8 million. The deal, which includes approximately 84 acres of land, was announced by the firm in a second quarter earnings report.
“During the second quarter, we were able to execute effectively on our three main priorities (generating revenue, rightsizing SG&A, and managing capital spend) and to achieve results that exceeded our expectations…While these results are due in part to the residential land sale market that has strengthened throughout the year, it is also a testament to the management team and our continued focus on matching our capital spend with near term revenue opportunities,” Dan Hedigan, chief executive officer, said in a statement.
Overall, the deal works out to approximately $450,000 per home site, or about $4.3 million per acre.
The land is located within the firm’s Great Park neighborhoods, which consist of several residential developments, including Solis Park, Rise, Novel Park, Cadence Park, Parasol Park, Beacon Park and Pavilion Park. The neighborhoods feature an array of homestyles from multiple builders, such as Pulte Homes, Trumark Homes, Lennar and others. In addition to homes, the neighborhoods feature parks, trails and other recreation areas, according to the community’s website.
FivePoint is a developer of mixed-use communities throughout several of the state’s coastal markets, including Orange County, Los Angeles County and San Francisco County. According to the firm’s website, FivePoint has 23 million square feet of commercial space, 10,500 acres of planned open space, 40,000 homes and 6,000 affordable units either built or in the planning stages.
