SunCal buys home lots after Kimball Hill liquidation
Thursday, Nov. 5, 2009 | 10:14 a.m.
Land acquisitions of home lots by builders, developers and investment groups continue to pick up.
SunCal Companies has purchased the lots formerly owned by Kimball Hill Homes as part of its liquidation. Developer SunCal Companies acquired 639 finished lots and 433 partially-finished lots in 11 communities throughout Las Vegas and Henderson.
The total value of the transaction was $20.07 million, says Michael Stuart, senior vice president of the land division of Colliers International. It was an all-cash deal financed through D.E. Shaw Group, he says.
Kimball Hill Homes filed for Chapter 11 bankruptcy protection in 2008.
Discussion: 2 comments so far…
Post a comment
- Most Read
- Discussed
- Most E-mailed
- Police: 3 arrested in officer’s death have gang ties
- Corrections officer with Metro killed in U.S. 95 crash
- System fails to catch contractor’s family tie with county
- Where to watch UFC 106
- Fontainebleau contractors say sales process is flawed
- UNLV and Southern Illinois will be guarded tonight
- SEC sues former gaming exec for alleged insider trading
- Findlay guard Joseph scores 33, talks about UNLV
- Bishop Gorman takes Sunset Region title in win over Cimarron
- Fighters make weight, Dana White talks Rampage/Rashad
Blogs
The Kats Report
For props, Lewis Black needs only his manic delivery and torrid material (3 Comments)
Elsewhere
Sands China raises $2.5 billion in Hong Kong IPO (1 Comment)
Marquardt v. Sonnen scheduled for UFC 109
Bloggity, Bloggity, Bloggity
Will a fourth consecutive title by Jimmie Johnson be good or bad for NASCAR? (3 Comments)
Top Chef: Las Vegas
The Jet Stream: And then there were four
Top Chef Episode 12: On keeping it simple
Miech Again
Chilly start for Chace, but Stanback says he'll warm up (2 Comments)
- Live chat
- Tuesday, noon PST
- Chat with Krista Creelman
- Problem Gambling Center executive director Krista Creelman will answer questions about gambling addiction from Las Vegas Sun readers from noon to 1 p.m. Tuesday, Nov. ... Submit question
Calendar »
- 22 Sun
- 23 Mon
- 24 Tue
- 25 Wed
- 26 Thu
-
The Four Tops at The Orleans Showroom
Orleans Hotel-Casino
-
Football specials at Diablo's
Diablos Cantina
-
Simon Says Brunch at Simon
Palms Place Hotel & Spa
The Sun
Locally owned and independent for more than 50 years.
Technorati











Get serious - there should be no building until vacant properties are under 5% - there is plenty of supply.
In the Summer of 2009, through an oddly named subsidiary, SunCal bought the entire 300+/- lot inventory in Henderson and northern Las Vegas owned by the bankrupt Southwest Communities Development LLC, a subsidiary of bankrupt LandSource Communities Development LLC. LandSource was majority owned by MW Housing Partners III, an investment vehicle of the California Public Employeers Retirement Fund (CALPERS), which lost $1 Billion investing in LandSource. LandSource bought its interest in SunCal from Lennar.
Lennar's name appeared on all of the advertising signs for the bankrupt housing tracts owned by bankrupt Southwest Communities Development, LLC and ultimately sold to SunCal.
So, as of the press release above, we've got SunCal buying 1300+ housing tract lots in Las Vegas, in some sort of joint venture with NY hedge fund D.E. Shaw.
At the same time, in California, there are 30 SunCal affiliates in Chapter 11 bankruptcies arising out of their failed joint ventures with Lehman Brothers. Those bankruptcies were preceded by foreclosures on SunCal lot inventories in San Juan Capistrano and the Bakersfield area. Lennar was the foreclosing lender on the Bakersfield area lots.
SunCal's operations are certainly an interesting game of musical chairs.