Struggling Las Vegas builder sells assets

Monday, July 10, 2000 | 11:26 a.m.

Saxton said in May it was attempting to sell assets and was seeking concessions from creditors and contractors in order to avoid going into bankruptcy. Saxton lost $30.2 million on revenue of $130 million in 1999.

Monterey Homes of Tucson bought a portion of the assets of Saxton's Diamond Key Homes for $8 million. Monterey, a division of Scottsdale, Ariz.-based Meritage Corp., acquired 85 homes under construction and 75 home sites in the Tucson and Oro Valley areas. Monterey now has eight new-home developments in the Tucson area.

The sale of the Diamond Key Homes assets gives Saxton the ability to focus more on local operations, said Michele Pori, executive vice president of Saxton.

Saxton develops single-family, multifamily and commercial developments in Las Vegas. Among its primary projects are the Sutter Creek and Pelican Creek neighborhoods, the 272-unit South Valley Apartments and the Regency Plaza, a commercial development at Nellis Boulevard and Stewart Avenue.

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