Rendering of FivePoint's Valencia development.

Rendering of FivePoint's Valencia development.

Real estate developer FivePoint has announced that Valencia, the formerly named Newhall Ranch planned community under construction in the Santa Clarita Valley, sold nearly 500 homes in 2020’s fourth quarter.

According to the company, Valencia has seen 487 homes sell for a collective $115 million.

Valencia, which aims to become the largest new home development in Los Angeles County, will total 21,000 homes when completed, alongside 11.5 square feet of commercial space and 10,000 acres of open space.

Phase I of the planned community will see 1,286 homes constructed. These houses will range from 775 to 3,680 square feet. Phase I will also see 1.5 million square feet of commercial space.

Builders on Phase I will include KB Home, Lennar, Richmond American, Toll Bros. and TRI Pointe Group.

“We are very excited to welcome our builder partners to Valencia,” FivePoint Chief Executive Emile Haddad said in a statement. “The enthusiasm from the builders validates our vision and together we will build yet another nationally celebrated community.”