Santa Ana-based homebuilder City Ventures has acquired 1,996 lots statewide since February for a total price of $55 million. The land deals took place in Brea, Alhambra, Jurupa Valley, Menifee, Moreno Valley, Sunnyvale and the county of Riverside.
The company acquires properties in desirable neighborhoods with the goal of constructing high-quality homes. With the recent purchases, City Ventures now owns 4,500 lots statewide;the company estimates revenue of nearly $2 billion after homes are built and sold on the land.
"With aggressive, yet very strategic land purchases, City Ventures remains at the forefront of California's rapidly recovering urban housing economy," said Mark Buckland, CEO of City Ventures.
The company currently has 11 projects under way in 11 cities, including Brea and Santa Ana. City Ventures also plans to open four more projects by the end of the year.
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