IE Business Daily Business news for the Inland Empire.
A Fort Worth-based homebuilder has purchased 36 lots in Highgrove, an unincorporated community in Riverside County next to Riverside.
D.R. Horton, rated the largest homebuilder in the United States by the National Association of Home Builders every year since 2002, bought the property at Garfield and West Spring streets, said Tom Doyle, founding partner with WD Land in Irvine.
The seller was Foremost Communities, a residential land developer in Newport Beach. Cost of the transaction, which was announced earlier this month, was not disclosed.
WD Land, a full-service land brokerage and advisory firm that specializes in residential properties, helped negotiate the sale.
D.R. Horton plans to build three, four and five- bedroom houses on those lots. No start date has been set, but construction could begin in two to three months, Doyle said.
Prices were not announced, but the community will be geared toward first-time buyers, according to WD Land.
The lots, which cover a minimum of 7,200 square feet, are now open spaces. D.R. Horton – which maintains an office in Corona – plans to buy about 100 additional lots in that area for more residential development.
The project will top out at 132 house, Doyle said.
“It’s a good area for houses,” Doyle said. “KB Home has built up there recently, its Spring Mountain Ranch development, and it’s done very well.”
