IHP Capital Partners announced the sale of the final 261 single-family lots within the Braverde master-planned community to public home builder Richmond American Homes.
Richmond American closed on the lots in “blue-topped” condition, with IHP delivering finished lots post-close. The transaction is the builder’s second acquisition within Braverde, which is located in Menifee, California, and will include a total of 511 new homes of varying sizes and architectural styles at completion.
“IHP is excited for Richmond American’s renewed commitment to Braverde while the builder experiences success selling homes in phase one,” says Jeff Enes, senior vice president at IHP Capital Partners. “Braverde is one of the top-performing residential projects in the Inland Empire, selling about five to six homes per month.”
IHP and its assembled development team entitled and developed Braverde’s residential lots and remaining infrastructure after acquiring the 170-acre property in 2019 in unimproved condition. Infrastructure improvements are on track to be complete by Q1 2022.
Richmond American plans to begin phase two home construction and offer its first sales in Q1 2022 as well. Home sizes and pricing are expected to be consistent with those of phase one.
The builder acquired phase one in Q4 2020 and is now actively selling three product lines named Liberty, Seasons Elevated, and Seasons Ranch. Home sizes in those communities range from 1,410 square feet to 3,040 square feet with base pricing from $492,990 to $598,990.
“Richmond American is grateful for the opportunity to deliver over 500 quality new homes in Menifee, especially in an environment where competition for builder-ready lots is remarkably high,” says Alex Wong, executive vice president of operations, Riverside division. “With two successful sales transactions at Braverde and years of conducting business together in South Riverside County, Richmond American looks forward to our continued relationship with IHP Capital Partners.”
Approximately 3 miles to the I-215 freeway, Braverde is accessible to regional employment centers in the Inland Empire core, as well as in San Diego, Orange, and Los Angeles counties.
Surrounded by Menifee’s natural landscape, Braverde offers ample amenities to residents seeking an outdoor-focused lifestyle. Veterans Park defines the east side of the community and includes 15 acres of ballparks, play areas, tot lots, trails, and event lawns. The newly built Liberty High School, which opened in August, is also adjacent to the community.
