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Phase 2 Closing Consists of 554 Homesites in Harvest; All Acquired by Lennar
Joint Venture Has Now Closed a Total of 1,261 Residential Homesite Sales at Harvest
Limoneira Company (the "Company" or "Limoneira") (NASDAQ:LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, announced today that its real estate development joint venture with The Lewis Group of Companies ("Lewis") has closed an additional 554 residential homesites at their Harvest at Limoneira master planned community in Santa Paula ("Harvest"). These homesites were purchased by Lennar, one of the primary builders in Phase 1 of Harvest, and completes the sell-out of Phase 2 of Harvest. Phase 2 is the Foothill Neighborhood, consisting of seven different lot types with home sizes ranging from approximately 1,500 to 3,500 square feet. The Foothill Neighborhood will include at least 20 various floor plans utilizing distinctive architectural elevations and some of the homes will include unique views of the Pacific Ocean.
Harold Edwards, President and Chief Executive Officer of the Limoneira Company, stated, "We are very pleased to announce the completion of the sale of Phase 2 at Harvest with the sale of all 554 homesites to Lennar. Lennar was one of the guest builders within Phase 1 and we are excited that they have committed to being the sole builder for Phase 2. We will be able to provide an update on profitability of this transaction and actual cash to be received by Limoneira in fiscal 2024 with our earnings announcement in June."
Including today's announcement, Lennar has now purchased a total of 867 single-family homesites within Harvest, 313 homesites in Phase 1 and 554 homesites in Phase 2.
Harvest at Limoneira is a well-balanced, comprehensively designed community providing a range of new housing options near the Pacific Ocean. Boasting scenic views, and close proximity to parks, hiking trails and popular retail destinations, this exceptional community continues to attract strong interest from new home buyers throughout Southern California.
Posted In: LMNR
