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News release


Jones Lang LaSalle Closes Final Former Levitt & Sons Properties and Development Rights

Bankruptcy sale of five subdivisions fetches $37.3 million

ATLANTA, June 16, 200 – Utilizing its Value Recovery Services, Jones Lang LaSalle announced today it has closed the final sale of a portfolio of five former Levitt & Sons residential subdivisions for a sum total of $37.3 million.  The subdivisions, which were in varying stages of completion, were located in Georgia, Florida and South Carolina.  The properties were part of a series of 363 Bankruptcy Sales following Levitt & Sons voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. 

Leading the Jones Lang LaSalle team on this transaction was Managing Director John Vick and Vice President Scott Cullen.

“Because land is such a volatile commodity in terms of price swings, the 363 sale process worked well to secure the best possible price for each of these five subdivisions,” said Vick.  “By procuring a stalking horse bidder to make the first bid, we were able to set the bar to prevent other bidders from low-balling purchase prices and maximize the value back to the creditors.”

Added Cullen,  “The sale of this portfolio is proof positive that buyers are moving back into land acquisition mode and have the cash to make it happen.  We courted interest from home builders who had dry powder to spare, as well as developers who collaborated with equity partners--all of whom realized the bottom of the market was in sight and the upside on these properties was great.”

The portfolio included partially completed homes, developed lots and undeveloped lots, in the communities of Cascades at Sarasota in Sarasota, Florida; Cascades at World Golf Village in St. Augustine, Florida; Seasons at Prince Creek in Myrtle Beach, South Carolina; Seasons at Lake Lanier in Gainesville, Georgia; and Seasons and Waterstone at Seven Hills in Paulding County, Georgia.  These properties comprise more than 1,800 acres and, upon completion, will deliver more than 3,300 homes primarily oriented to the 55+ age group.

“While there continues to be month-to-month and market-to-market variability in the degree and pace of recovery in the housing market, there appears to be an emerging consensus among opportunity investors that the worst is behind us,” continued Vick.  “With that has come the stabilization in land values necessary for investors to step back into this investment class.  The buyers of the Levitt & Sons portfolio illustrate this new trend.”
Dock Street Communities purchased both Seasons at Prince Creek and Cascades World Golf Village for $11.6 million and $6 million, respectively.  The Kolter Group purchased Seasons at Lake Lanier for $12.4 million, while SAWS of Seven Hills purchased Seasons and Waterstone at Seven Hills for $4.25 million and Medallion Home purchased Cascades Sarasota for $3.01 million.

At the outset of the bankruptcy, the Southern District Bankruptcy Court, Fort Lauderdale Division   approved Soneet R. Kapila, as Chief Administrator to manage operations and to oversee the disposition of these single-family, age-restricted developments.  Since his appointment in February 2008, Kapila continued to market and deliver finished homes at these developments with the financial support of Wachovia Bank, N.A.  Wachovia provided a line of credit that allowed for the continued funding of these projects.  In turn, Kapila and Wachovia chose Jones Lang LaSalle to manage the bulk disposition.

Through its Value Recovery Services program, Jones Lang LaSalle is focusing its extensive expertise in all facets of commercial real estate to provide specialized services to clients that are affected by the current financial crisis.  These services are focused on advising financial institutions with troubled loans and foreclosed real estate (REO) on their balance sheets, including note sales and disposition of REO.  They also include providing receivership services, asset and property management, and leasing and disposition services for clients with assets experiencing financial difficulties or foreclosure.  Additionally, the firm is helping financial institutions address the operational, occupancy and cost reduction needs.  The firm also is helping clients raise capital by monetizing owned facilities through sale-leaseback transactions and providing creative asset management and financial solutions to hotel owners and investors struggling in current markets, and assisting owners and lenders in developing asset value creation and recapitalization strategies for underperforming investment properties.  Jones Lang LaSalle is currently active on 45 Receivership assets.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management. For further information, please visit our Web site,