ORLANDO-A joint venture between Mountain Real Estate Capital andShea Homes has purchased a parcel of land for $15 million inOrlando from Bank of America Corp. This was once the site for anactive-adult community. The bank sold the site for 40% of what itcould have asked for in 2006.

|

The JV expects to build 750 homes with a price range of $195,000to $275,000 and expects returns of about $175 million in fiveyears. For the full story, go to Wall Street Journal.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
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.