Pacific Gateway Homes May Be Latest to Become Add-On

Aliso Viejo-based Pacific Gateway Homes may be the next independent builder to be swallowed up by a large publicly traded company.

Pacific Gateway is being courted by a builder seeking access to the recovering Southern California housing market, said Chief Executive Rita Lamkin. She would not identify the builder, but said that a deal should be finalized in the next 60 days.

Pacific Gateway, which has built entry-level homes in Aliso Viejo, Orange and Chino Hills, was spun off from land developer Mission Viejo Co. in the late 1980s. It is now owned by former Bramalea Ltd. Chairman Ken Field.

An acquisition by a larger builder would give Pacific Gateway more cash to purchase land including two parcels it has under contract in the Corona area. At one point, Pacific Gateway had discussed a merger with Scottsdale, Ariz.-based luxury builder Monterey Homes Corp. Monterey decided to focus on markets closer to home, however, President Steven Hilton said.

Speaking of Pacific Gateway, former CEO Horace Hogan, who left the company last year to pursue land development activities in Northern California, recently returned to Orange County as president of the Pacific Inland division of Brock Homes in Santa Ana.

Melinda Fulmer covers real estate for The Times. She can be reached at (714) 966-7832 and at melinda.fulmer@latimes.com