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Lennar Homes closes escrow on a 60-acre site approved for more than 500 residential units in Lake Forest, California.

By September 1, 2017May 26th, 2021No Comments
News Release

Lennar Homes closes escrow on a 60-acre site approved for more than 500 residential units in Lake Forest, California.

September 1, 2017
Irvine, CA
Lennar Homes of California (NYSE: LEN) acquires Serrano Summit, a 500-unit community within the Serrano Summit master plan community in Lake Forest, California.
Originally owned by the Irvine Ranch Water District, the 98.9-acre property has been subdivided into three main components. The City of Lake Forest will use 13 acres for the construction of a new state-of-the-art Civic Center, the Irvine Ranch Water District will retain 27 acres, and Lennar will develop the remaining 60 acres that will be composed of a broad mix of housing product alternatives including, two- and three-story single-family detached, conventional, stub alley, auto court, duplex, and attached home configurations. 
“Our vision for Serrano Summit is a one-of-a-kind master-planned community that’s thoughtfully designed with beautiful architecture and high-end amenities that complements its natural surroundings,” states Jeremy Parness, Division President for Lennar California Coastal. “We are expected to be creating a connected community where families can enjoy every part of their living experience, from their homes, to their location, and to the recreational opportunities that lie within their own community and around it.” 
Located just off of Bake Parkway at Commercentre Drive, Serrano Summit was designed to establish a community-wide armature of public activities, active and passive parks, and engaging places that provide opportunities for recreation and private reflection. Specific amenities include a recreation center and pool, neighborhood parks, a nature park, as well as a multi-purpose trail, paseos, and sidewalks provided for integrated connectivity throughout the community. Lake Forest’s new Civic Center will be designed to serve as a central community hub and will include a senior center, community center, performing arts center, and city hall. Serrano Summit residents will be fortunate to access these amenities in their backyard and will appreciate the convenient access to surrounding communities. 

“Serrano Summit will be a centralizing destination within Lake Forest. Designed to allow for extraordinary product and architectural flexibility, Serrano Summit provides for the opportunity to simultaneously deliver several complementary neighborhoods that appeal to a variety of family profiles, life stages, and affordability levels in one of the premier metro areas for new housing in the United States.” 

Marc Kleiman
Principal, Province West