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KB Home-American Heritage Deal Done at $74M

ORLANDO-The Los Angeles-based builder is taking on $46 million in American debt but gets control of 4,000 lots with an estimated market value of $80 million based on an average $20,000 per lot.

By Alex Finkelstein | Updated on October 04, 2002

ORLANDO-Trying for three years to break into the Orlando shelter market, Bruce Karatz’s KB Home Co. of Los Angeles has closed a $74 million deal to acquire Orlando-based American Heritage Homes. KB opened a Tampa, FL and Jacksonville, FL division last year.

KB is assuming $46 million of American’s debt but gets control of 4,000 lots with an estimated market value of $80 million, based on an average $20,000 per lot, local land brokers tell GlobeSt.com on condition of anonymity. Karatz and American Heritage officials couldn’t be reached at GlobeSt.com’s publication deadline.

KB plans to build a 20,000-sf showroom in a prime area shopping center by second quarter 2003. The KB Home Studio will offer data on the company’s single-family and multi-family products, according to a published report.

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