Rancho Mission Viejo LLC has completed land sales for the first batch of homes set to be built within the third phase of development at its South County master-planned community.
The third phase is, by far, the largest to date for RMV, with 7,000 units planned across five different villages.
The initial two phases of the RMV community—which when built out will be nearly twice the size of nearby Ladera Ranch—included about 4,000 homes in total.
The first village at the upcoming project, Rienda, will be a 2,900-home development with a cumulative value in the neighborhood of $2 billion.
Four builders have closed escrow on land for the first batch of construction there, with Lennar, Meritage Homes, PulteGroup and TRI Pointe Homes Inc. set to build 671 houses in seven new communities.