REAL ESTATE : Santa Margarita Co. and Lakeview to Resell Homes in New Community

Santa Margarita Co., the huge southern county landowner developing Rancho Santa Margarita, joined Lakeview Real Estate Co. to form Santa Margarita Real Estate Co., which will resell houses in the new community.

The first office will open next year in Mercado del Lago, the community’s first neighborhood shopping center, which is being built. A spokesman for the new company said it is the first such venture between a big landowner and a real estate brokerage in the county.

About 50,000 people are expected to live in Rancho Santa Margarita when it is completed in 20 years.

The new company will also offer financial services.

Lakeview, founded in 1984, says it is one of the largest independent brokerages based in the Saddleback Valley. It has offices in Lake Forest and near Lake Mission Viejo, and closed sales of houses totaling $224 million in the first half of the year.