SANTA PAULA, CA - Part of Limoneira’s business portfolio is its real estate development joint venture with The Lewis Group of Companies. Today, the company announced that this venture closed on an additional 554 residential homesites at its Harvest at Limoneira, a master-planned community in Santa Paula.
These homesites were purchased by Lennar, one of the primary builders in Phase 1 of Harvest, and completes the sell-out of Phase 2 of Harvest.
“We are very pleased to announce the completion of the sale of Phase 2 at Harvest with the sale of all 554 homesites to Lennar,” stated Harold Edwards, President and Chief Executive Officer. “Lennar was one of the guest builders within Phase 1 and we are excited that they have committed to being the sole builder for Phase 2. We will be able to provide an update on profitability of this transaction and actual cash to be received by Limoneira in fiscal 2024 with our earnings announcement in June.”
According to a press release, Phase 2 of the process is the Foothill Neighborhood, which consists of seven different lot types with home sizes ranging from approximately 1,500 to 3,500 square feet. The community itself was designed to attract strong interest from new home buyers throughout Southern California.
The Foothill Neighborhood will include at least 20 various floor plans utilizing distinctive architectural elevations and some of the homes will include unique views of the Pacific Ocean.
Lennar also purchased a total of 867 single-family homesites within Harvest, 313 homesites in Phase 1, and 554 homesites in Phase 2.
We’ll keep reporting on the business ventures within the produce company, so stay tuned to ANUK.
