Lennar Homes has acquired a site entitled for 102 single-family lots in Fontana, Ca. from the Goodman Family, a southern California developer. Land Advisors Organization, a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets, represented the buyer and made the announcement. Terms were not disclosed.
Fontana’s close proximity to Los Angeles and Orange County has attracted developers looking to expand in San Bernardino County. “Fontana has been and will continue to be a coveted location for home builders as it offers a sizable affordability gap from neighboring Rancho Cucamonga.” said Winn Galloway, vp at Land Advisors.
The Property, located at San Sevaine and Beech, is approved for 102 lots spreading across approximately 19 acres. “With the convenient access to the 210 freeway and new amenities along the corridor, Lennar is likely to command a premium for the homes in Fontana,” said Doug Jorritsma, senior vp at Land Advisors.
The land is located in the Etiwanda and Chaffey Joint Union High School Districts. “The proposed project at San Sevaine and Beech represents one of the last opportunities to develop home sites in the highly regarded Etiwanda School District,” said Jorritsma.
The demand for home sites within good school districts is higher than ever, as the competition for admittance into California universities increases. Both of the school districts offer guaranteed admission and additional scholarships for students to attend various universities throughout Southern California.
“Fontana is uniquely positioned to cater to the price sensitive buyer while also demanding strong home prices. Land Advisors does not see the demand or price increases slowing anytime soon,” said Galloway.
This is the second development sale within the last seven months that Land Advisors has closed in the area.
