Irvine-based Standard Pacific Homes is selling off its assets in San Antonio, the second market the homebuilder has exited in the past week, according to local reports.
Cleveland-based Forest City Enterprises Inc. and its venture partner Covington Capital Corp. of Santa Monica are said to be buying more than 2,500 single-family home lots in San Antonio from Standard Pacific.
The land and lots include finished lots as well as future plotted lots, according to the San Antonio Business Journal.
Along with San Antonio, Standard Pacific also has Texas divisions in Austin and Dallas, which are not part of the transaction.
The news follows last week’s announcement that Miramonte Homes, a newly created firm based in Tucson, is buying Standard Pacific’s assets in the Southern Arizona region.
The assets being sold to Miramonte are said to include about 70 Tucson-area homes currently underway, and 700 vacant lots. The division being sold doesn’t include Standard Pacific’s Phoenix operations.
