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KB Home Puts Sprawling City Ranch Parcel Up for Sale

LOS ANGELES-The giant homebuilder hires Santa Monica-based investment banker Saybrook Capital LLC to sell or devise other "strategic alternatives" for the massive parcel in North County's Antelope Valley. The master-planned development has nearly 5,000 buildable lots.

By Erin Cassin | Updated on March 14, 2001

LOS ANGELES-Building giant KB Home has hired Santa Monica-based investment banker Saybrook Capital LLC to sell or seek other strategic alternatives for a sprawling parcel in Northern Los Angeles County that is approved for up to 5,000 buildable lots.

The company wants to sell the master-planned site, known as City Ranch, as part of an asset-repositioning strategy. According to a KB Home spokesperson, the builder plans to shift away from master-plan development, as it focuses more on its core merchant home building business.

Although KB Home has put City Ranch on the block, KB Home SVP Albert Z. Praw says the company hopes to stay involved in the project after the land has been sold. “We remain committed to building homes in the market, and we would like to be a builder in City Ranch,” he adds. “KB Home believes that the Antelope Valley offers a significant opportunity for new home development with solid growth potential.”

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