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Five Point Holdings Divests 41 Acres in Irvine for $218M
Five Point Holdings, LLC reported the sale of 41 acres at the Great Park in Irvine for roughly $218 million. The developer’s Chairman and CEO Emile Haddad noted the transaction as part of the Irvine, CA-based company’s fourth quarter and full-year 2018 results.
The latest land sale is planned for 518 homes encompassing seven different products. The deal involves two undisclosed builders, though one reported likely buyer is Miami-based Lennar Corp., which recently set up a land banking agreement for a project city records show as District 5.
The deal reflects the market’s increased land values and works out to roughly $421,000 per-home-lot, or $5.3 million an acre. Last year, William Lyon Homes paid $166 million for 33 acres, or $5 million per-acre and about $310,000 per-lot.
The 2,100-acre Great Park Neighborhoods is entitled for about 9,500 homes, with roughly half of the land either built or in the process of being developed.
*Pictured Pavilion Park Terrace at Great Park Neighborhoods
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