Bluegreen Communities Sells for $29M
- May 13, 2012
SouthStar Communities acquired Bluegreen Communities for $29 million. According to the San Antonio Business Journal, the buyer took ownership of some residential communities as part of the deal , as follows:
- Vintage Oaks at the Vineyard and Havenwood at Hunters Crossing, both in the city of New Braunfels, which is located about 30 miles from San Antonio;
- King Oaks at College Station;
- Lake Ridge and Sugar Tree, in the Dallas/Fort Worth Metroplex;
- Sanctuary Cove at St. Andrews Sound, Ga.;
- Chapel Ride in Chapel Hill, N.C.
According to J. Larry Rutherford, chairman of SouthStar Communities and a former member of Bluegreen’s board of directors, Bluegreen Communities is an excellent acquisition for SouthStar, as the communities align with the buyer’s business model and will be easily integrated into the company’s portfolio of exceptional community developments, the San Antonio Business Journal reported.
SouthStar Communities is affiliated with Coral Gables, Fla.-based SouthStar Development Partners, while Bluegreen is a division of Boca Raton, Fla.-based Bluegreen Corp.
In other interesting news, employment numbers for San Antonio’s construction industry are continuing to rise. A survey conducted in 337 large U.S. metros by Associated General Contractors of America (AGC) found that employment increased in 155 of those cities between March 2011 and March 2012, according to the San Antonio Business Journal.
The San Antonio/New Braunfels metro was one of the cities with recorded growth, seeing a 7 percent increase in construction employment on a year-over-year basis. The city also posted construction employment gains in the first two months of the current year.
The local construction industry is reporting a total of 44,300 employees — up 2,900 from the 41,400 employees reported at the end of March 2011, per the latest AGC report, the business journal reported.
Photo credits: www.vintageoakstexas.com