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IRVINE, CA-New Home Co., an Aliso Viejo-based startup homebuilder, is acquiring Lambert Ranch, a 50-acre undeveloped land in north Irvine in the Portola Springs area, to house a high-end gated community project.

A non-refundable deposit has been made last week by the firm on the property, which would feature 169 separate houses, and will close the deal by the end of the year. New Home will start construction on the project in 2011 and will complete it by early 2012. For the full story, go to Orange County Business Journal.

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