Covington Technologies, a Fullerton home-building firm, has sold 178 lots of land in Palmdale to a Covina developer for more than $3 million and expects to realize a profit "in the high six figures."
Deyo P. Breen, Covington president, said the land was sold to the Anden Group as part of the company's policy of "realizing value from land development."
Covington has developments in Orange County, Palmdale, Ontario, Moreno Valley, Sacramento and San Diego and plans to expand into San Luis Obispo County and Santa Maria.
Covington's Palmdale development has 130 single-family homes, all of which have been completed and sold. The company has recently embarked on a development project in San Diego, company spokeswoman Jo Etta Bandy said.
Although Covington had a net loss of $330,000 in its first half, analysts and company officials expect net income of nearly $2 million in the second half, attributable in part to the Palmdale land sale, Bandy said.