IE Business Daily Business news for the Inland Empire.
A Newport Beach real estate investment firm has sold 261single-family lots within Braverde, a master-planned community in Menifee.
IHP Capital Partners sold the parcels, which are part of the project’s second and final phase, to Richmond American Homes in Denver for an undisclosed sum, according to a statement released Monday.
Richmond American purchased Braverde’s first phase in the first quarter of 2020, also for an undisclosed amount. When completed, Braverde will feature 511 homes on 170 acres.
Home sizes in both phases range from 1,410 square feet to 3,040 square feet, with pricing from $492,990 to $598,990.
“Braverde is one of the top-performing residential projects in the Inland Empire, selling about five to six homes per month,” said Jeff Enes, senior vice president of IHP Capital, in the statement. “The increased demand for new homes continues throughout Southern California, and finished buildable lots are difficult to come by.”
Braverde is in east Menifee at the southeast corner of Garbani Road and El Centro Lane, about three miles from Interstate 215.
Richmond American plans to begin construction on the second phase, and offer that phase’s first sales, during the first quarter of 2022, according to the statement.
These homes are in unincorporated Winchester NOT Menifee.