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Landsea Homes has acquired 128 homesites to develop a new community named Lavender in Sunnyvale, CA. This strategic move follows the success of the Vale community, which sold out in just over two years. Lavender will feature nine floor plans, including 20 townhomes priced below market rate. Development is set to begin in December 2020, with homes expected to be available by late 2021. Additionally, Landsea plans to merge with LF Capital Acquisition Corp (NASDAQ: LFAC), transitioning to a public company by the end of 2020.
LF Capital Acquisition Corp. (NASDAQ: LFAC) announced robust third quarter results for its business combination target, Landsea Homes. Key highlights include a 78% increase in total revenue to $218.5 million, driven by a 175% surge in new home orders, totaling 504 homes. Net income rose 71% to $3.2 million, with adjusted net income increasing 73% to $9.8 million. Backlog homes grew 262% year-over-year to 922 homes, valued at $439.6 million. LF Capital remains on track to finalize the business combination by the end of Q4 2020.
Landsea Homes, based in Newport Beach, has launched an interactive virtual experience for its High Performance Homes (HPH) program, enabling homebuyers to visualize features like home automation and energy-saving elements. This initiative, supported by Apple HomeKit, enhances connectivity through various smart home features, including energy-efficient appliances and superior insulation. The company plans to merge with LF Capital Acquisition Corp. (NASDAQ: LFAC) in Q4 2020, transitioning into a public entity. Landsea emphasizes its commitment to sustainability and innovative building practices.
Landsea Homes has acquired 306 new homesites to develop the Ellis Town and Country community in Tracy, California. This marks a significant expansion into the outer Bay Area, where housing prices are more affordable. The community will feature three neighborhoods of single-family homes, ranging from 2,000 to 3,600 square feet, with the first homes expected to be available in late 2021. Tracy is strategically located and offers a high quality of life with its amenities and accessibility to major cities. Additionally, Landsea plans to merge with LF Capital Acquisition Corp., transitioning to a public company by Q4 2020.
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Landsea Homes has announced the acquisition of 476 finished single-family homesites at Sunrise Ranch in Surprise, Arizona. This strategic expansion aims to enhance its presence in the desirable northwest Phoenix market. The 130-acre community will feature a variety of home offerings alongside amenities such as parks and trails, with sales expected to start in mid-2021. The acquisition follows Landsea's planned merger with LF Capital Acquisition Corp. (NASDAQ: LFAC), set for Q4 2020, marking a significant milestone towards becoming a public company.
LF Capital Acquisition Corp. (NASDAQ: LFAC) has announced a definitive merger agreement with Landsea Homes in a $510 million transaction. This merger will result in Landsea becoming a public company, with LF Capital acquiring Landsea for $344 million through newly issued shares. Landsea focuses on entry-level and move-up homes in California and Arizona. The combined entity will have a strong balance sheet, supporting future growth. The merger is expected to close in Q4 2020 and includes a $35 million oversubscribed forward purchase agreement.