Chevron Sells 800 Acres to a Lennar Group
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A partnership that includes Lennar Corp., one of the nation’s largest home builders, said it had purchased about 800 acres in Huntington Beach, La Mirada and Richmond, Calif.
The partnership, which includes Tiger Real Estate Fund of New York, bought the land from Chevron Land and Development Company for an undisclosed amount, and plans to continue developing the land, generating approximately $300 million in revenue.
Lennar had previously said it had bought the Coto de Caza master-planned community from Chevron. “This is still another step in our overall strategy of building a strong residential real estate base in California,” said Leonard Miller, chairman and CEO of Miami-based Lennar. The company also is active in the Florida, Texas and Arizona markets.
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Debora Vrana covers real estate for The Times. She can be reached at (714) 966-5979 and at [email protected].
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