27-property portfolio

Centex placed a $528-million book value on the properties, assessing its take-home pay would be $455 million due to an anticipated tax refund of $294 million. Few details about the deal surfaced during Centex's conference call. But, Chris Mahowald, managing partner of Dallas-based RSF Partners Inc., filled in the gaps for the most part.

The 8,500 lots, in various development stages, are situated in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, Nevada, Texas and Virginia. The portfolio includes Plant 51, a see-through 265-unit condo and loft project at 734 The Alameda in San Jose, CA and the rest is land earmarked for attached single-family townhouses and detached traditional houses.

"We've had a lot of calls from people especially interested in buying some of these projects," Mahowald tells GlobeSt.com. "It all comes down to price. If the price is right, we'll do it." And if all is held, he says build-outs will range from three to 10 years depending on project and location. He says the JV is prepared to pump more than $200 million into readying the lots for development and resale.