Centex placed a $528-million book value on the properties,assessing its take-home pay would be $455 million due to ananticipated tax refund of $294 million. Few details about the dealsurfaced during Centex's conference call. But, Chris Mahowald,managing partner of Dallas-based RSF Partners Inc., filled in thegaps for the most part.
The 8,500 lots, in various development stages, are situated inArizona, California, Delaware, Florida, Georgia, Illinois,Maryland, Minnesota, Nevada, Texas and Virginia. The portfolioincludes Plant 51, a see-through 265-unit condo and loft project at734 The Alameda in San Jose, CA and the rest is land earmarked forattached single-family townhouses and detached traditionalhouses.
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