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.
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