REAL ESTATE : Kaufman & Broad’s Upscale Unit Gets a Name, 1st Mission
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The new Kaufman & Broad unit that former Irvine Co. executive Roland Osgood signed on to run last month has found a name--Vintage Communities Inc.--and a mission.
When Osgood’s appointment to the new and then-unnamed unit was announced, the former head of residential construction for the Irvine Co. said his charge was to build more upscale projects than traditionally done by Kaufman & Broad.
The new name was to distance the company from Kaufman & Broad, which is known for lower-cost starter homes in the $95,000 to $175,000 range.
Osgood said Vintage Communities’ initial project will be a 64-home development in the Foothill Ranch community in the hills above El Toro. Prices are expected to be in the $200,000 to $300,000 range, with construction starting by the end of this year and sales beginning early next year.
While Vintage is starting out in Orange County, it also will build in Riverside and San Bernardino counties, Osgood said.
Vintage has set up offices in Newport Beach. Joining Osgood are two other former Irvine Co. executives. William Fischel, Irvine Co.’s vice president of development from 1980 to 1989, will be Vintage’s vice president for land development. Pat White, a financial officer at the Irvine Co. from 1981 to 1989, is vice president and chief financial officer at Vintage.
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