ORLANDO-A joint venture between Mountain Real Estate Capital and Shea Homes has purchased a parcel of land for $15 million in Orlando from Bank of America Corp. This was once the site for an active-adult community. The bank sold the site for 40% of what it could have asked for in 2006.
The JV expects to build 750 homes with a price range of $195,000 to $275,000 and expects returns of about $175 million in five years. For the full story, go to Wall Street Journal.
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