A group of former TOUSA executives on Monday announced it has agreed to acquire a majority of the assets of the Newmark Homes Brand in Houston from the bankrupt company. Terms were not disclosed.

The group, led by by Newmark Homes co-founder Lonnie Fedrick and former TOUSA Houston President Mike Moody, has formed Newmark Homes Houston and plans to begin operations Monday with Fedrick as chairman, Moody as president and CEO and Jeff Dye as vp/operations. TOUSA will complete and sell all homes currently under construction and will provide a third party warranty for those purchasers.

"This new company will be privately held, locally owned and financed," said Moody in a statement. "We will continue the tradition of building quality homes in Houston's finest communities. Our management team has over 70 years' combined experience in building some of the finest homes in the Houston market."

Newmark said it will start 60 homes in the first 60 days of operation beginning June 15. It will retain 55 TOUSA employees and hundreds of sub-contractors and suppliers who had been working with Newmark under TOUSA.

The company said is plans to build homes ranging in price from $170,000 to more than $600,000 in 19 master planned communities in the Houston metro area.

Learn more about markets featured in this article: Houston, TX.