COMMERCIAL REAL ESTATE TRANSACTION ALERT
IHP Capital Partners, one of the nation’s most prominent providers of equity financing for residential real estate development, today announced the sale of 250 finished single family lots within the Braverde master-planned community to public homebuilder Richmond American Homes. Braverde is located in Menifee, Calif. and planned for 511 new homes of varying sizes and architectural styles. As owner of Braverde, IHP has assembled a seasoned development team to design and build the community’s infrastructure and homesites. The project’s remaining 261 lots are currently under construction and will become available to homebuilders in 2021.
The lots Richmond American acquired are located in the southern portion of Braverde and are Phase I of the project. This includes 54 5,000 minimum square foot lots, 109 5,500 minimum square foot lots, 576,000 minimum square foot lots and 30 7,000 minimum square foot lots. Richmond American plans to begin construction in Q1 2021 and offer its first sales in Q2.
“IHP is excited to see Richmond American as the first builder to deliver new homes at Braverde,” said Blaine Peterson, managing director at IHP Capital Partners. “Braverde is a thoughtfully-designed community in the southern Inland Empire, a submarket experiencing tremendous demand for single family homes from homebuyers in 2020. Richmond American is a top-tier homebuilder with a track record of providing quality homes in this region. We believe its team will do a wonderful job bringing Braverde to life.”
Surrounded by Menifee’s spacious views and natural landscape, Braverde offers a plethora of amenities to residents seeking an outdoor-focused lifestyle. Many pocket parks and trails are strategically located throughout the neighborhood and the 15-acre Veterans Park defines the east side of the community. The large park provides ballparks, play areas, tot lots, trails and event lawns. Beyond the park, adjacent to the community is the newly built Liberty High School, which opens Fall 2021.
Driven by pent up demand for new housing in California and a shift in consumer preferences to more spacious living options in suburban environments, the Inland Empire is experiencing increased demand for new homes in 2020. According to Land Advisors Organization, a leading residential land brokerage firm that led the Braverde Phase I transaction, total new home sales in 2020 have already substantially surpassed 2019’s totals with a month remaining before yearend.
“Menifee is the most active new home submarket in the Inland Empire, supported by its highly ranked schools and accelerated buyer interest from young families,” said Brian Carricaburu, founding principal and listing broker at Land Advisors Organization. “IHP is bringing a well-designed community with a range of homes in a variety of sizes to the submarket at a time when nearby competing projects are nearing final sales. This is attracting many public homebuilders that are eager to meet homebuyer demand, positioning IHP for future success.”
IHP acquired the 170-acre Braverde property in an unimproved condition in August 2019. IHP and its development team are in progress developing the community’s remaining infrastructure, which is expected to be complete by Q4 2021.
As a strategic partner for developers and homebuilders throughout the western U.S., IHP has 17 joint venture residential projects in various stages of development throughout Southern California, including Legado, a master-planned community comprised of approximately 1,000 residential units also located in Menifee, six miles north of Braverde.