The Forest City Land Group and joint venture partner Covington Capital continue their relationship by staking a claim in San Antonio with the acquisition of 2,500 lots in five subdivisions.
The land and lots were acquired from Standard Pacific Homes and likely signal the builder's exit from the marketplace. Included are both finished and future platted lots in price ranges targeting entry-level and move-up buyers.
"This is an example of our stated strategy of taking advantage of national market conditions to selectively acquire properties and land in key markets," said Bob Monchein, president of Forest City Land Group, in a statement. "The solid underlying fundamentals of the San Antonio market, including job growth, attractive cost of living, and the recreational opportunities provided by the Hill Country area all provide a positive outlook for the single-family market in the long term."
According to a Texas Workforce Commission survey, Greater San Antonio created 15,500 net new jobs for the 12-month period ended November 2007. For the year, new-home building activity in San Antonio dropped 34%. According to the housing research firm Metrostudy, local builders will likely stay in "adjustment mode" through 2008.