LANDSEA HOMES BOLSTERS SOUTHERN CA PORTFOLIO, CLOSES ON 129 HOMESITES FOR A NEW COMMUNITY IN HUNTINGTON BEACH

Rhea-AI Summary

Landsea Homes (Nasdaq: LSEA) has acquired 129 homesites for Essex + Gage, an all-electric townhome community in Huntington Beach, CA. Expected to open in spring 2025, the community will feature 11 floorplans with 2 to 4 bedrooms, community amenities, and smart home technology. This marks Landsea Homes' entry into Huntington Beach and follows recent acquisitions in Anaheim and other Southern California locations. The company continues to grow its portfolio in desirable Southern California markets.

Positive

• Acquisition of 129 homesites in Huntington Beach, CA, a desirable market.
• Expected opening of Essex + Gage in mid-2025 diversifies the company's offerings.
• Homes will feature smart home technology via Apple HomeKit.
• Community amenities include a pool, spa, BBQ area, and dog park.
• Strategic location near shopping, dining, and entertainment at Bella Terra.
• Proximity to Huntington State Beach and Pacific City enhances appeal.
• Expansion aligns with recent acquisitions in other Southern California cities.
• LiveFlex program offers customizable home spaces for buyers.

Negative

• Potential risks associated with the new project's success in a competitive market.
• Financial burden of land acquisition and development costs.
• Delayed revenue realization due to the mid-2025 sales timeline.

• New townhomes make up Essex + Gage, and mark Landsea Homes' first community in the coastal Orange County city of Huntington Beach
• 129 all-electric homes will open for sale in mid-2025

HUNTINGTON BEACH, Calif., June 12, 2024 /PRNewswire/ -- Landsea Homes Corporation (Nasdaq: LSEA) ("Landsea Homes" or the "Company"), a publicly traded residential homebuilder, announced today it has closed on 129 homesites for a new all-electric community called Essex + Gage in Huntington Beach, California. Land development has already begun, and the community will open for sale in spring 2025.

"We have been expanding rapidly across California lately and this acquisition marks an exciting milestone for Landsea Homes – our entrance into Orange County's desirable coastal city of Huntington Beach," said Tom Baine, California Division President, Landsea Homes. "We look forward to bringing these new townhomes at Essex + Gage to homebuyers who are eager to break into the competitive Southern California housing market and enjoy all that Orange County living has to offer."

On the corner of Edinger and Gothard, Essex + Gage will include three-story row and carriage townhomes with 11 different floorplans ranging from 1,097 square feet to 2,516 square feet and options for two to four bedrooms. Residents will enjoy community amenities that include a pool and spa, outdoor BBQ and firepit area, public open space with a dog park and turf area, as well as bike racks.

Residents will also be one block from Bella Terra, an open-air dining, shopping and entertainment center, and a short 10 minute drive from Huntington Beach's bustling Main Street, Huntington State Beach, and the beachfront shopping center, Pacific City.

All homes at Essex + Gage will be equipped with Landsea Homes' High Performance Home features, including smart home automation technology utilized by the Apple HomeKit™ environment. The smart home automation features include an Apple HomePod mini, wireless network Internet throughout the home, entry door locks, thermostat control, garage door opener control, light dimmer switches, a doorbell camera, and smart home activation via Best Buy's Geek Squad.

Buyers will also be able to take advantage of Landsea Homes' LiveFlex™ program, which presents the opportunity to transform spaces into whatever a homebuyer's lifestyle may need, whether that's a home office, an at-home learning space, a guest bedroom or a place to exercise.  

Huntington Beach is the fourth most populous city in Orange County and is known as "Surf City USA" for its world-class surfing beaches. The city boasts highly rated public schools, many public parks and hiking trails and various shopping and entertainment destinations.

"Huntington Beach is a very desirable and in-demand place to live for its proximity to the beach and we couldn't be more excited to be a part of this lively community," added Baine.

Recently, Landsea Homes closed on 44 homesites for a new townhome community called Mason in Anaheim. Land development has already begun, and sales are anticipated to start later this year.  

Landsea Homes' other Southern California communities currently selling include Hudson in Placentia, Eave in Ontario, Narra Hills in Fontana, and coming soon, Peri and Rubi in Ontario.

For more information on Landsea Homes, visit: www.landseahomes.com.   

About Landsea Homes Corporation

Landsea Homes Corporation (Nasdaq: LSEA) is a publicly traded residential homebuilder based in Dallas, Texas that designs and builds best-in-class homes and sustainable master-planned communities in some of the nation's most desirable markets. The company has developed homes and communities in New York, Boston, New Jersey, Arizona, Colorado, Florida, Texas and throughout California in Silicon Valley, Los Angeles, and Orange County. Landsea Homes was honored as the Green Home Builder 2023 Builder of the Year, after being named the 2022 winner of the prestigious Builder of the Year award, presented by BUILDER magazine, in recognition of a historical year of transformation.   

An award-winning homebuilder that builds suburban, single-family detached and attached homes, mid-and high-rise properties, and master-planned communities, Landsea Homes is known for creating inspired places that reflect modern living and provides homebuyers the opportunity to "Live in Your Element." Our homes allow people to live where they want to live, how they want to live – in a home created especially for them.  

Driven by a pioneering commitment to sustainability, Landsea Homes' High Performance Homes are responsibly designed to take advantage of the latest innovations with home automation technology supported by Apple^®. Homes include features that make life easier and provide energy savings that allow for more comfortable living at a lower cost through sustainability features that contribute to healthier living for both homeowners and the planet.  

Led by a veteran team of industry professionals who boast years of worldwide experience and deep local expertise, Landsea Homes is committed to positively enhancing the lives of our homebuyers, employees, and stakeholders by creating an unparalleled lifestyle experience that is unmatched.  

For more information on Landsea Homes, visit: www.landseahomes.com.   

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SOURCE Landsea Homes

FAQ

What new community is Landsea Homes developing in Huntington Beach?

Landsea Homes is developing Essex + Gage, an all-electric townhome community in Huntington Beach, California.

When will Essex + Gage in Huntington Beach be available for sale?

Essex + Gage will be available for sale in mid-2025.

How many homesites has Landsea Homes acquired for Essex + Gage?

Landsea Homes has acquired 129 homesites for Essex + Gage.

What smart home features will Essex + Gage offer?

Essex + Gage will offer smart home automation via Apple HomeKit, including an Apple HomePod mini, smart locks, thermostat control, and more.

What amenities will be available at Essex + Gage?

Amenities at Essex + Gage will include a pool, spa, outdoor BBQ area, firepit, dog park, and bike racks.

What is the range of floorplans available at Essex + Gage?

Essex + Gage will offer 11 floorplans ranging from 1,097 to 2,516 square feet, with options for 2 to 4 bedrooms.

What other Southern California communities is Landsea Homes developing?

Landsea Homes is also developing Mason in Anaheim, Hudson in Placentia, Eave in Ontario, Narra Hills in Fontana, and soon, Peri and Rubi in Ontario.