Lyon Joins Partnership to Build Homes

A real estate division of the Prudential, the New Jersey-based insurance company, will form a partnership with developer William Lyon Homes to pay for and build 131 single-family homes in Foothill Ranch, a master-planned community in Orange County.

The project, a partnership between Lyon and the Prudential Home Building Investors, a $95-million fund, will feature entry-level homes ranging in size from 1,500 to 1,900 square feet. Prices will be $179,000 to $199,000, the company said.

The Prudential Home Building Investors is a division of the Prudential Asset Management Group in New Jersey. Terms of the deal were not revealed.