Inland Empire Residential Land Boom Continues as Meritage Homes SoCal Completes Their Largest Acquisition To-Date
Province West Represents SunCal in Sale of 850 Lots in Beaumont’s Fairways Master-Plan
June 30, 2021
The Inland Empire’s land sales boom is expanding as public homebuilders continue to snap up large-scale residential land development opportunities to meet the skyrocketing consumer demand for single family homes in the region — and the recent sale of 850 lots in Beaumont underscores this strength and urgency of this trend.
Province West — Southern California’s premier land transactional advisory firm and a top-selling residential land brokerage in the Inland Empire — today announced the sale of the final phases at The Fairways master-plan in Beaumont. The transaction encompasses approximately 850 lots and is the largest land acquisition to-date for Meritage Homes’ SoCal Division. The recent Fairways transaction is the eleventh closed by Province West in the Beaumont – Calimesa area for landowners SunCal since 2015, spanning 24 neighborhoods, nearly 2,400 single-family homesites, and almost $120 million in total consideration.
“In the last 12 months, we have seen increased participation on land offerings by a broader pool of public homebuilders intent on securing larger scale assets in the Inland Empire. Since October of 2020, Province West has completed five 500+ lot transactions with five different public homebuilders, including KB Home, Lennar, Meritage, Pulte, and Taylor Morrison, – with several more larger scale transactions in the works. That compares to a total of six such land acquisitions by publics in the previous ten years – all but two of which were closed by Lennar.”
Principal, Province West
The Fairways is an established golf-oriented master-plan located along Interstate 10 (I-10), within the City of Beaumont, California. The highly amenitized community offers an active, family-friendly lifestyle and endless recreational opportunities, including the adjacent PGA Morongo Golf Club at Tukwet Canyon, parks, schools, walking trails, and access to The Canyon Club, an 8,000-square-foot residents only recreation center. Spanning 985 acres, The Fairways will total approximately 3,300 homes at build-out.
“The Fairways transaction is further evidence of a dramatic shift and expansion in acquisition parameters by the public homebuilders,” says McDonough. “It demonstrates a willingness to deploy significant capital and assume relatively oversized development, entitlement, and market risk to secure the land needed to accommodate pipeline replenishment and growth”.
Within The Fairways community, Meritage Homes’ newly-acquired homesites include a mix of 5,000, 5,500, and 6,000 square-foot minimum lots that will accommodate a variety of home sizes and configurations within several neighborhoods. The delivery of homes could occur as early as late 2022 and will complement existing neighborhoods within the master-plan by DR Horton and Woodside homes.
“Our strategic acquisition in The Fairways will play a key role in Meritage’s community count and home delivery growth objectives for the foreseeable future,” said Nick Emsiek, President of Meritage Homes’ Southern California Division. “Beaumont is one of the region’s most affordable markets and will allow us to deliver quality, energy-efficient homes to homebuyers through our LiVE.NOW program, which provides a simpler, easier and more affordable route to home ownership.”