The Fieldstone Co., a Newport Beach home builder, bought 89 acres in San Bernardino County’s Chino Hills for $18 million.
Riverdale Management Co. of El Toro is developing a 1,700-unit, master-planned community called LaBand Ranch in Chino Hills, just west of the Corona Freeway.
Fieldstone bought the land from Walter LaBand of Riverside. Grubb & Ellis Co. handled the transaction.
Fieldstone will build 420 single-family houses on the land.
San Bernardino and Riverside counties represent one of the nation’s hottest housing markets, drawing throngs of home buyers from Los Angeles and Orange counties with lower home prices.