Mountain Real Estate Capital (MREC) closed its second joint venture equity investment in the last two months, along with a major REO purchase from an Atlanta bank. It is working with homebuilders to rejuvenate these distressed assets into new revenue streams.
At the end of June, MREC acquired a Cedar Bay subdivision in north Jacksonville, Fla., to go with another set of properties called Heron’s Walk. The $4m investment venture with GreenPointe Communities in Florida, a residential real estate developer, includes 187 home sites with prices ranging from $175,000 to $275,000. Under the joint venture, MREC and GreenPointe plan to construct 78 homes at Cedar Bay and sell the remaining homes at Heron’s Walk to homebuilders.
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