Dunhill Homes Assumes Management of Rhodes Homes Properties and Launches Homebuilding Operations in the Las Vegas Valley

DALLAS, April 5 /PRNewswire/ -- Dunhill Homes today announced that it has launched homebuilding operations throughout the greater Las Vegas Valley by assuming management of certain assets formerly owned by Rhodes Homes. As of April 1, Dunhill Homes began building in the Rhodes Ranch and Tuscany master-planned golf-course communities. It is also managing several high-profile commercial parcels including 50 acres near the 215 beltway and Durango in southwest Las Vegas.

Dunhill Homes was selected to manage and develop the Las Vegas assets by a lender syndicate group that held the first lien on the assets pursuant to a Plan of Restructuring approved by Judge Linda Riegle in the United States Bankruptcy Court, District of Nevada.

At build-out, these assets are expected to yield over 2,300 residential units, 200 of which Dunhill Homes anticipates closing in 2010.  This is expected to rank Dunhill Homes among the top 10 homebuilders in the Las Vegas Valley.

Dunhill Homes' leadership has significant experience in the Las Vegas Valley.  The company's Chairman is Richard Dix, former Mountain West Area President for Pulte Homes based in Las Vegas.

Dunhill's operations in Las Vegas will be led by Division President Don Boettcher, a homebuilding industry veteran of more than 25 years. Mr. Boettcher most recently served on the executive management team for Pulte Homes' Las Vegas division and worked with Pulte in various leadership roles throughout his career. His experience building in the Las Vegas Valley dates back to 1994.

Kevin Corbett will serve as Vice President of Finance for the division. He offers many years of real estate experience in Las Vegas, including significant tenures with Centex Homes and Engle Homes. In addition, other Dunhill team members helped advise the lender steering committee during the Rhodes Homes bankruptcy proceedings over the last 12 months.

"We are very excited about this opportunity," said Boettcher. "Rhodes Ranch and Tuscany are exceptional communities in outstanding locations. They are excellent examples of the high quality projects Dunhill Homes will continue to offer in the Las Vegas Valley as we pursue growth opportunities over the next few years."

"The opportunity for Dunhill to enter the Las Vegas market is the culmination of a lot of hard work over the past year. We are proud to be a part of a fresh start for these exceptional real estate assets," said Boettcher.

Based in Dallas, Dunhill Homes (www.dunhillhomes.com) is active in Las Vegas, Houston and Dallas. Dunhill Homes is a subsidiary of Winchester Carlisle Companies, a real estate-related holding company, which also owns Nathan Grace Real Estate, Land Commerce, Silver Pine Funds, and Carwin Advisors, a national corporate and real estate advisory firm. Carwin Advisors advised the first lien lender steering committee throughout the Rhodes Homes' bankruptcy process.

SOURCE Dunhill Homes