Centex Homes Inc. of Dallas, headed by chairman Lawrence Hirsch, paid an effective price of $3.5 million or $368,673 per acre ($8.46 per sf) for the East Fox Court site where it plans to develop 80 townhomes. A ground-breaking date hasn't been set.
The contracted price for the dirt was $3.2 million. Centex also reimbursed Roberts Realty Investors Inc. $302,400 for sewer costs.
Roberts' CEO and part-owner Charles S. Roberts says the sale produced a profit for the firm of $1.54 million or 21 cents per share. "This transaction demonstrates our consistent ability to select and develop premium properties," Roberts says in a prepared statement.
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