Charlotte, N.C.-based Mountain Real Estate Capital LLC has announced the acquisition of what it calls a ‘significant portion of remaining land portfolio assets’ from Forest City Land Group.
According to Mountain Real Estate Capital, the acquisition covers master-planned communities across the country totaling approximately 1,200 residential lots, with a mix of finished lots, partially finished lots and undeveloped land for residential and commercial development. The larger projects in the acquisition include Woodbury Crossing in Olympia, Wash.; Tangerine Crossing in Tucson, Ariz.; Legacy Lakes in Pinehurst, N.C.; and Summers Walk in Charlotte.
‘This portfolio continues our interest in investing in land and communities for residential development in major growth regions nationally,’ says Rodney Montag, senior director in Mountain Real Estate Capital's New York office. ‘It was a challenging portfolio with many moving parts and we spent significant time and money in order to figure it out. Ultimately, it provides a perfect mix of finished lots, which provide liquidity and undeveloped lots for upside appreciation.’