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BIG BUILDER

The Big List, part 2

For fleeting moments this past Spring, institutional investors globally clamored for a way in to pure-play investments in home building and development companies. Nearly every privately held local and regional company in the nation got a phone call from investment banks and consultants looking for an opportunity to take them public. The question then wasn't "could you go public?" It was "should you go public?" Access to low-cost cash and liquidity sounded inviting to many. But, as we look at the inside story of TRI Pointe Homes' journey to its January IPO, we see really what it takes for a company to make such a play. The window's narrowed since last Spring. But it will open again.

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BIG BUILDER

The Big List

As we look forward to the next leg of housing's big dig out from misery, one can hardly overestimate the impact that the surge of new private sector capital has had on recovery's early goings. Its genesis last year was the almost incredible absorption of vacant distressed properties by investment funds who saw big opportunity in the asymmetry between cost to acquire and rehabilitate foreclosed homes, and building a business around renting and eventually selling them. The beginning of 2013 signalled another inflection point in capital's inflow into the sector. Here's an inside look at what happened, what changed, and what's still going on in the movement of huge amounts of money into the belief system that is housing's next up-cycle. BIG BUILDER's John McManus reports the first of a multi-part special series on high-volume home building's game change moment, the TRI Pointe Homes initial public offering.

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