Benzinga | May 10, 2021 04:57PM EDT

Limoneria Reports Its Joint Venture With MDC's Lewis Group Closed On 60 Residential Units With Richmond American Homes, No Terms Disclosed

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 60 residential homesites. These homesites were purchased by Richmond American Homes of Maryland, which operates in California and was one of the primary builders in Phase 1 of the Company's Harvest at Limoneira project, which is currently comprised of 586 residential units.

Harold Edwards, President and Chief Executive Officer, stated, "We are very pleased to announce these additional 60 lot closings with our respected guest builder, Richmond American Homes. We have now announced an additional 126 lot closings in fiscal 2021 and expect additional closings. The many attributes of Harvest are attracting people from all over southern California and we are excited about the long-term success of this project."

Including today's announcement, Richmond Homes has now purchased a total of 138 single-family homesites within Harvest at Limoneira, and this is a new community with four distinctive floor plans with sought-after architectural and design options.

Harvest at Limoneira is a well-balanced, comprehensively designed community providing a range of new housing options to the coastal communities. Boasting scenic views, and close proximity to parks, hiking trails and popular retail destinations, this exceptional community continues to attract strong interest from families throughout Southern California.