REAL ESTATE
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Compiled by Michael Flagg, Times staff writer
Concorde Development in Irvine and Pacific Crest Homes Inc. in Laguna Niguel said they had bought a 73-acre parcel in Laguna Niguel for $4.8 million.
The two builders in a joint venture will construct 120 single-family homes on 51 acres of the site, which is on Crown Valley Parkway between La Paz Road and Niguel Road. Sales value of the homes was estimated at $40 million.
The new neighborhood will be called Chatelain. About half the houses will total 3,000 square feet and the other half 2,300 feet. No prices have yet been established.
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