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twitterSunCal 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.
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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.