Lennar is preparing for another Ontario development with the recent purchase of a large plot of land. According to Vizzda records, the home builder recently paid $30.9 million for several lots that would house 232 of the total 362 units of the firm’s Falconcrest development. The selling entity traces to Kennedy Lewis Investment Management.
The site is situated at the southeast corner of Archibald Avenue and Ontario Ranch Road. The first 140 units are marketed as Ashbrook and the next 92 units are marketed as Copper Leaf. In total, the 362 units would be situated on 22 acres of land, and the development would also feature 951 total parking spaces. All units would also have a two-car garage.
Lennar was developed in 1954 and has homes in 26 states across the country. As of most recent data from the firm’s website, Lennar developed 66,400 homes throughout 2022.
Lennar has bought up other sites in the Inland Empire over the past year.
Earlier this year, The Registry reported that the firm also acquired an additional 15 acres of land in Ontario for $35.17 million. The seller in the transaction was Lewis Group of Companies. The land is situated near the most recently acquired portion of land at the southwest corner of Archibald Avenue and Ontario Ranch Road.
Prior to that, Lennar Homes acquired 23.2 acres of land, also in Ontario, for $16 million. The property was sold by Robert B Barth and Kimberly Ashlock and is located at 13150 Archibald Ave. The site is proposed for the development of 126 row townhomes, 83 single family detached cluster units and 56 single family homes.
