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RSF-Led JV Adding $200M Plus Into Centex Land

DALLAS-After paying $161 million in cash, the JV will spend at least $200 million more to ready the land for development and resale. The deal includes an unfinished condo tower.

By Connie Gore | Updated on April 01, 2008

DALLAS-In an opportunistic play, the joint venture buyers of Centex Corp.’s 27-property portfolio in 11 states already are huddling over opportunities to flip or possibly partner on finishing touches for their $161-million land purchase. At least $200 million will be invested into finishing what Centex started.

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.

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