According to the news release, MREC and Oakwood have been in negotiations since last June over the potential partnership. Previously the two firms partnered to mutually acquire the 2,600 acre Banning Lewis Ranch planned community in Colorado Springs, Colo. Peter Fioretti, chairman and CEO of MREC, offered this on today’s announcement:
“Oakwood has clearly developed a competitive edge in their marketplace and continued to reinvent themselves with superior product and market positions during the downturn. Together, we will be positioned to now take advantage of the growing market opportunities throughout the Midwest and Western markets.”
With this new partnership CEO of Oakwood Homes, Pat Hamill’s expansion plans begin to take shape. The expanded partnership will eventually lead to the parties in joint ownership 9 similar communities with lot inventories of some 7,100 home. The announcement also tells of a back log of sold homes in excess of 300, plus projected sales of some 600 plus altogether.
For more information on this deal, or about the companies mentioned, we suggest the reader follow the links or refer to the original release. The video below is from Oakwood Homes’ YouTune Channel.