IE Business Daily Business news for the Inland Empire.
Pardee Homes in Pasadena has purchased 359 residential lots in Menifee, where it plans to develop three neighborhoods.
The seller was Menifee Heights Inc. LLC, a group of private investors, according to WD Land in Irvine, which helped negotiate the transaction.
The land is now raw open space that must be graded, a process that is expected to begin in four to five months, said Tom Doyle, founding partner with WD Land.
Construction will start shortly after that and is expected to take two years. Prices will likely range from $300,000 to just over $400,000, Doyle said.
The project, between Menifee and Briggs roads east of Interstate 215, will consist of lots between 6,000 and 7,000 square feet. Each of the neighborhoods will be built around a park and an elementary school, according to WD Land, which announced the land sale last week.
The Inland Empire housing market continues to perform well, though not spectacularly.
“Some pockets are doing better than others, but the overall market is showing solid improvement,” Doyle said.
