Newport Beach’s Landsea Homes Corp. (Nasdaq: LSEA) has kicked off work at its latest Orange County development, a 132-home project in San Juan Capistrano.
The two new neighborhoods, named Avelina and Petra, are east of the San Diego (5) Freeway, on a 13-acre plot of land near the city’s 24-Hour Fitness gym.
Landsea paid $30.1 million for the land in April, property records indicate. That works to a price of about $2.3 million an acre, and $228,000 per home lot.
Avelina is a collection of 89 townhomes ranging from 1,141 to 1,743 square feet. Petra has 43 single-family homes plans that range from 1,633 to 1,825 square feet.
Pricing will start at nearly $800,000 for the communities, which are expected to open next summer.