K Hovnanian Purchases 490 Lots in Northwest Phoenix From Courtland for $36.875m

--> VIZZDA—August 2nd, 2012 -- K Hovnanian Homes acquired a total of 490 lots in 3 subdivisions, (230 finished lots & 260 platted lots) for a total of $36,875,000. The subdivisions include:

• Rock Springs I, 260 Final Platted lots 60’x120’.
  Community totals 260 lots on 146.48 acres
  N/NEC Jomax Rd & 83rd Ave, Peoria
  
  
• Rock Springs II (phase 1), 94 Finished lots 50’x120’.
  Community totals 500 lots (75 - 44’x110’ & 205 - 50’x115’) on 87.77
  acres per plat.
  NWC Jomax Rd & 75th Ave, Peoria
  
  
• Rio Sierra, 136 Finished lots (69 - 44’x110’ & 67 - 50’x115’).
  Community totals 280 lots on 79.6 acres per plat.
  S/SEC El Mirage Rd & Williams Dr, Peoria/Sun City

Courtland Homes was the seller; they had previously purchased Rio Sierra as part of a larger sale on October 21^st, 2004 for $37,262,871. That sale included all of Rio Sierra (280 lots), 210 lots in Rancho Silverado and 170 lots in Crossriver. A portion (~140 acres) of Rock Springs was previously acquired by Courtland Homes on February 28^th, 2002 for $2,244,000.

K Hovnanian recently announced 7/13/12 a $125M land banking arrangement with GSO Capital Partners (credit arm of Blackstone). No debt was recorded with the sale. Nate Nathan brokered the transaction, representing both Buyer & Seller.

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BY:

Hadden Schifman
Managing Director

Hadden@VIZZDA.com