IE Business Daily Business news for the Inland Empire.
WD Land has arranged the sale of 359 residential lots in Menifee.
CV Communities bought Menifee Heights, a 70-acre parcel bordered by Holland and Briggs roads, from RCFC Investments LLC for an undisclosed sum, said David Harbour, senior land advisor with Irvine-based WD Land.
The lots, which range from 6,000 to 7,600 square feet, must be graded before anything can be developed on them.
Eventually they will accommodate three, four and five-bedroom houses that will probably sell for $300,000 to $400,000, which is the prices of similar homes in the area, Harbour said.
CV Communities plans to hold the land indefinitely, then sell it to a homebuilder when the market is right, Harbour said.
The transaction closed May 2.
CV Communities LLC was formed in 2010 by City Ventures LLC, a homebuilder in Santa Ana. CV Communities focuses on urban development, especially in the Inland Empire.
