REAL ESTATE

Compiled by Debora Vrana, Times staff writer

Housing Project: Greystone Homes, the Newport Beach home builder, has closed escrow on 34 1/2 acres of land in Los Angeles County where it plans to build 116 single-family houses.

The homes, to be built in the Rowland Heights area, are to feature French Normandy-style architecture and have as many as five bedrooms. Prices will be in the low $300,000s.

Greystone, one of the 10 largest home builders in Southern California, purchased the land from the project's developer Ridgemoor Partners, an arm of Rockefeller & Associates Realty in New York. Terms were not disclosed.

"The purchase is part of our aggressive land acquisition program," said Larry Webb, president of the South Coast division of Greystone Homes. "Although we continue to be an active builder in Orange County, this purchase demonstrates our plans to branch out more into the growing areas of Los Angeles County."

Greystone now has projects in Mission Viejo, La Habra, Placentia and Lakewood.

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