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11/17/21
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Richmond American Homes has purchased the final 261 single-family lots within the Braverde master-planned community in Menifee. The finished lots were sold by IHP Capital Partners. The transaction is the homebuilder’s second acquisition within Braverde and will include a total of 511 new homes of varying sizes and architectural styles at completion.
IHP and its assembled development team entitled and developed Braverde’s residential lots and remaining infrastructure after acquiring the 170-acre property in 2019 in unimproved condition. Infrastructure improvements are on track to be complete by Q1 2022.
Richmond American plans to begin Phase 2 home construction and offer its first sales in Q1 2022. Home sizes and pricing are expected to be consistent with those of Phase 1. The public builder acquired Phase 1 in Q4 2020 and is now actively selling three product lines named Liberty, Seasons Elevated and Seasons Ranch. Home sizes in those communities range from 1.4k sf to 3k sf with base pricing from $492,990 to $598,990.
The Menifee and South Riverside County housing markets continue to see strong new home sales in 2021. According to Land Advisors Organization, a leading residential land brokerage firm that led the sale transactions for both Phases 1 and 2, more new homes have sold in Menifee this year than in any submarket in Riverside County, with an average sales pace of 4.3 homes per month. The median closing price for a new single-family home in Menifee has increased 28% in the last 12 months.
Braverde is located in east Menifee at the southeast corner of Garbani Road and El Centro Lane. Approximately three miles to the I-215 Fwy, the community is accessible to regional employment centers in the Inland Empire core, as well as in San Diego, Orange and Los Angeles counties.
Surrounded by Menifee’s spacious views and natural landscape, Braverde offers ample amenities to residents seeking an outdoor-focused lifestyle such as Diamond Valley Lake, which is about 15 minutes from the community. Veterans Park defines the east side of the community and includes 15 acres of ballparks, play areas, tot lots, trails and event lawns. The newly built Liberty High School, which opened in August 2021, is also adjacent to the community.
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