IRVINE, CA-Aliso Viejo-based New Home Co. has placed a 50-acre parcel at Lambert Ranch in Irvine under contract and expects to close the deal on the property by year end in what would be the largest residential land sale in Orange County this year. The planned acquisition, which is a direct deal between buyer and seller, paves the way for gated community of 169 single-family homes on a parcel at Portola Parkway and Sand Canyon Road.

New Home CEO and partner Larry Webb called the property at Lambert Ranch "one of the most desirable parcels of land in Orange County." He says the company landed the deal via its existing relationships, knowledge of the area, and a long history of working with the local community.

Webb adds that Irvine "has been the best-selling market for new-home sales in the US over the past year, making this opportunity even more compelling for us.” Lambert Ranch "is uniquely positioned as one of the few parcels in Irvine that is not controlled by the Irvine Co.," according to a news release by New Home.

According to a report on the land sale in the Orange County Business Journal that appeared on GlobeSt.com recently, work at the land could start next year, with the project’s grand opening slated for early 2012.

In addition to Webb, the New Home partners include president Tom Redwitz, executive vice president Joseph Davis and chief financial officer Wayne Stelmar. The four partners are also the founders of the company.