[IMGCAP(2)]The two former Lennar execs are Tom Banks and JasonPerrin, co-founders and principals of Greencrossing Real EstateCos., who say that conditions now represent a limited-time windowof opportunity to buy distressed residential land. The brokeragefirm reporting the sales upswing is the Irvine-based Hoffman Co.,which says that land is changing hands in Southern California at afaster pace than anytime in the past three years.

[IMGCAP(3)]Banks and Perrin, who left Lennar in 2006 to starttheir own company, formerly led teams that helped Lennar Corp.acquire prime land holdings, attract joint venture capital and ridethe wave of the last residential real-estate boom in the InlandEmpire. Much of their work at Greencrossing to date has focused onconsulting to land owners and financial institutions to help themdig out from the housing collapse and position them for the future.Now they see properties beginning to move and feel the timing isright to re-enter the market.

[IMGCAP(4)]"Clearly there's enough evidence locally andnationally that the residential real estate market is at or nearthe bottom," Perrin says. He says that Greencrossing believes nowis the time to attract capital to be ready when the recoveryarrives.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.