A property site purchased at an auction from the federal government approximately four years ago for $26.5 million has been resold this past week for $65.2 million, according to a local business journal.

The site known locally as the Lampson project has reportedly been purchased by one of the nation’s largest homebuilders.
The Orange County Business Journal first reported the sale of the building and 12.4 acres along Lampson Avenue to Lennar Corporation, a public company. The site, once utilized by offices and government agencies, is now at the center of a proposed housing complex that has caused consternation for residents who live near the site.

According to public documents, Lennar Corp. is based in Miami, Fla, and operates local offices across the country, including one in Irvine. The company has a market capitalization of over $27 billion, has more than 13,000 employees, and a reported income of over $34 billion in 2023, according to financial reports.

It is considered one of the country’s top public home-building companies.

Although Lennar’s company website has not made any official announcements yet, the OC Business Journal said the building at 4665 Lampson Ave., formerly named Poplar Plaza, was purchased the site from investors led by MWInvestment Group, LLC.
Matthew J. Waken is the principal of the company, domiciled in Ladero Ranch, according to the California Secretary of State’s Office.

MWInvestment Group LLC was the winning bidder of the GSA property auction in 2021, and since that date, a coalition of local investors and companies have collaborated to create a project consisting of 246 homes at the site.
After much controversy, the City Council of Los Alamitos voted to award the project a construction permit by a vote of 3-1-1 in November of 2024.

A local office building spanning more than 92,000 square feet could be torn down and converted into a housing development.
The building on 12.4 acres just south of the Joint Forces Training Base Los Alamitos was bought by national homebuilder Lennar Corp. for $65.2 million last month, according to CoStar data, the journal reported.

Lennar’s exact plans for the property at 4665 Lampson Ave. have not been confirmed or finalized, but documents widely available through the city of Los Alamitos and public sources indicate the site has been targeted for residential redevelopment.