Five Point Holdings, LLC, in a major step forward to opening its newest master-planned community in Los Angeles County, announced the sale of 781 home sites at Valencia (formerly Newhall Ranch) in the fourth quarter of 2019.
The company closed on 711 of these home sites, and the balance is anticipated to close in the first half of this year. The proceeds from the closed home sites were approximately $135 million.
“This is a milestone for the company, as we have been waiting for this day for a long time,” said Emile Haddad, chairman and CEO of Five Point. “These are the first deliveries of the approximately 21,000 home sites anticipated to be delivered next in Valencia, building on the reputation of one of the premier master-planned communities in the country that already has over 60,000 existing residents and 60,000 permanent jobs.”
“Los Angeles is one of the most constrained housing markets in the country,” he said, “and we are excited to be working with the County of Los Angeles to build this new community within Valencia. It will ultimately include the lifestyle elements and amenities that we believe are essential to creating a fully integrated and multi-generational community, while helping mitigate the County’s growing need for additional housing.”
This new community is anticipated to provide a wide range of homes, high quality public education, job/housing balance with approximately 11.5 million square feet of commercial space, including healthcare and lifestyle-focused uses among other amenities, and 10,000 acres of open space. In addition, this community is designed to be the first net zero greenhouse gas community of its size in America.
The financial details were not disclosed but will be included in the company’s next earnings report. Current home builders at Valencia include Lennar and TRI Pointe homes.
