Home builder Western Pacific Housing, trying to expand its presence in Orange County, said Monday that it has purchased 45 home sites in Coto de Caza.
The property, one of the last remaining tracts in the gated community, was purchased from Lennar Communities for an undisclosed sum. Western Pacific of El Segundo plans to build estate homes on the properties.
"The market is almost insatiable while the supply of new homes is shrinking," said Craig Manchester, the company's president.
The company built Serena in Stanton last year, a group of 84 homes that has sold out. Western Pacific, the Southland's seventh-largest home builder, sold 252 houses last year, accounting for 2.73% of the market.