An investor group is buying Whiting Ranch.

The ranch, 2,700 acres of prime land north of El Toro in Orange County, is approved for construction of 3,900 homes and a mixed office, retail and industrial development. It will be sold by Carma Developers to a newly formed Los Angeles firm called JC/RG Corp. Wayne Sramek, Carma’s chairman and chief executive, confirmed the pending sale but refused to disclose the terms of the agreement or to identify the JC/RG principals. Escrow on the property is expected to close Friday.