IRVINE, Calif., June 9 /PRNewswire/ -- Suncal, the leading private real-estate developer in the western U.S., has been seeking new properties in key markets and recently concluded $8.3 million of acquisitions involving residential developments in the Chicago and Stockton areas that represent 734 lots.
Suncal teamed with The Roanoke Group, its investment partner for these transactions, to complete the purchase of 552 lots (438 finished and 117 partially developed) within seven separate projects throughout the Chicago, Ill. area. These developments were formerly owned by Kimball Hill Homes.
In Stockton, Calif., the Cornerstone residential project was acquired, consisting of 182 finished lots and four model homes. This community was also formerly owned by Kimball Hill Homes.
Casey Tischer, Vice President of Land Acquisitions for Suncal, said about the recently closed transactions, "We're very pleased to acquire these outstanding properties in important markets. Our plan is to complete these communities when the market stabilizes, selling the lots to merchant homebuilders when conditions allow."
In addition to these new acquisitions, Suncal also has other transactions in escrow. It is currently under contract to purchase over 3,000 partially developed lots in Arizona and California.
Tischer noted that Suncal is actively pursuing additional acquisitions throughout Phoenix, Las Vegas, California, Chicago, Florida and the Mid-Atlantic regions.
The Roanoke Group, based in El Segundo, California, is a privately held real estate investment company providing equity capital in residential and commercial real estate throughout the United States.
The developments will be managed by Argent Management LLC. Argent is a provider of real estate services to institutional investors, private owners, developers and financial institutions. Argent provides a broad range of asset management, development and advisory services to clients on investments ranging from complex mixed-use master-planned communities to diverse portfolios of distressed loans and REO. Argent's executive team has decades of experience acquiring, entitling and developing major residential properties and commercial developments.