Two hundred and fifty single-family housing lots in Menifee that are ready for development have been sold.
IHP Capital Partners in Newport Beach sold those properties to homebuilder Richmond American Homes in Denver, builder of the Braverde master-planned community, according to a statement.
Financial details were not released.
Braverde is owned by IHP Capital. It will consist of 511 homes of varying sizes and architectural styles. The project’s remaining 261 lots are under construction and will become available to homebuilders in 2021.
The purchased lots are in the south part of the project and are in its first phase. Lots range from 5,000 to 7,000 square feet. Richmond American plans to begin construction during the first quarter of next year and start sales during and the second quarter.
IHP acquired the 170-acre Braverde site in August 2019. IHP Capital and its development team are developing the project’s remaining infrastructure, which is expected to be complete by the fourth quarter of next year, according to the statement.