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January 8, 2008
Cleveland's Forest City acquires 2,500 local home lots from Standard Pacific
San Antonio Business Journal
San Antonio is gaining a new residential developer.
Forest City Enterprises Inc. (NYSE: FCEA, FCEB) and its joint venture partner Covington Capital Corp. have acquired more than 2,500 single-family home lots in San Antonio from Irvine, Calif.-based Standard Pacific Homes.
Through this land purchase, Forest City Land Group and Covington Capital now have a presence in several subdivisions in the city, including Alamo Ranch, Stillwater Ranch, Ashton Park, Indian Springs and Heights of Cibolo.
The land and lots include finished lots as well as future platted lots. Forest City will focus on a range of homes, including some that will serve both first-time homeowners as well as move-up buyers.
The purchase is part of the company's strategy of selectively acquiring properties and land in key growth markets.
Additional coverage:
Orange County Business Journal, Standard Pacific Offloads 2,500 San Antonio Lots
Posted by lumi at January 8, 2008 7:24 PM