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Limoneira’s Joint Venture with Lewis Group of Companies Announces Additional Home Site Closings of 30 Residential Units with National Home Builder K. Hovnanian® Homes
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Rhea-AI Summary
Limoneira Company (Nasdaq: LMNR) announced the completion of Phase 1 of its joint venture with The Lewis Group of Companies, closing 30 additional residential homesites with K. Hovnanian Homes, totaling 586 residential units sold. This follows 232 units sold in fiscal 2021. The Harvest at Limoneira project, located in Southern California, boasts scenic views and is attracting strong interest from buyers. Limoneira continues to grow as a diversified agribusiness with significant real estate development operations.
Positive
Completed sale of 586 residential units, indicating strong market demand.
Strong partnership with K. Hovnanian Homes enhances credibility and sales effectiveness.
Phase 2 of the Harvest at Limoneira project initiated, signaling growth potential.
Negative
None.
Joint Venture Has Now Closed 586 Residential Unit Sales
SANTA PAULA, Calif.--(BUSINESS WIRE)--
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 50%/50% real estate development joint venture with The Lewis Group of Companies (“Lewis”) has closed an additional 30 residential homesites with K. Hovnanian® Homes. The closing of these additional homesites now completes Phase 1, comprised of 586 residential units, and commences Phase 2 of the Company’s Harvest at Limoneira project.
Harold Edwards, President and Chief Executive Officer, stated, "We are very pleased to announce these additional 30 closings with our respected guest builder, K. Hovnanian® Homes. Our joint venture has closed 232 residential units in fiscal 2021.”
Including today’s announcement, K. Hovnanian® Homes has now purchased 124 single-family home sites within Harvest at Limoneira and this is a continuation of the existing Sage community with three different floor plans utilizing three distinct architectural elevations.
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.
About Limoneira Company Limoneira Company, a 128-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lç moñ âra) is a dedicated sustainability company with 15,400 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.
Investors:
John Mills Managing Partner
ICR 646-277-1254
Corporate Communications:
Michael Gonzales Marketing Manager
Limoneira Company 805-525-5541 ext. 1069
Source: Limoneira Company
FAQ
What is the latest news about Limoneira Company (LMNR)?
Limoneira Company has closed an additional 30 residential homesites, completing Phase 1 of its Harvest at Limoneira project, totaling 586 units sold.
How many residential units has Limoneira sold in its joint venture?
Limoneira has sold a total of 586 residential units in its joint venture with The Lewis Group of Companies.
What is the significance of the Harvest at Limoneira project?
The Harvest at Limoneira project is significant as it marks Limoneira's expansion into real estate development and reflects strong demand for housing in Southern California.
Who is the builder for the homesites at Limoneira?
The homesites at Limoneira are being developed in partnership with K. Hovnanian® Homes.
