Lennar is continuing its expansion into the Inland Empire, with the recent acquisition of more land in the region. According to Vizzda records, the home builder paid $22.5 million for the land. The site was sold by an entity affiliated with IHP Capital Partners.
The 324 acres of land are roughly situated in the southeast corner of Encanto Drive and Rouse Road. The site is located just off Interstate 215 in the northern portion of Menifee and is generally surrounded by a mix of single-family and commercial properties.
While any plans for the site are unclear, Lennar has been developing a number of communities throughout Southern California. Lennar was developed in 1954 and has homes in 26 states across the country. As of most recent data from the firm’s website, Lennar developed 66,400 homes throughout 2022.
Lennar has bought up other sites in the Inland Empire over the past year.
In February, The Registry reported that Lennar paid $30.9 million for several lots that are planned for 232 of the total 362 units of the firm’s Falconcrest development in Ontario. The site is situated at the southeast corner of Archibald Avenue and Ontario Ranch Road and was sold by an entity affiliated with Kennedy Lewis Investment Management.
Before that, the firm also acquired 15 acres, also in Ontario, for $35.17 million. The property, located at the southwest corner of Archibald Avenue and Ontario Ranch Road, was sold by Lewis Group of Companies.
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