Newport Beach-based homebuilder Landsea Homes will become a public company in a $510 million transaction that will see it merge with a corporate entity without any operating business.

The “reverse merger” will see the LF Capital Acquisition Corp. shell company acquire Landsea, which is building primarily in California and Arizona. The combined companies are valued an estimated $510 million, a press release says. The deal requires shareholder and regulatory approvals.

Landsea owns 5,394 lots and delivered 932 homes worth an average $660,000 in the past 12 months, according to company documents. Its highest-profile, ongoing Southern California project is the 500-home IronRidge neighborhood in Lake Forest.