May 4, 2012– SouthStar Communities has acquired Bluegreen Communities for $29 million.
As part of the deal, SouthStar also takes ownership of several Bluegreen residential neighborhoods– including Vintage Oaks at the Vineyard and Havenwood at Hunters Crossing, both in the city of New Braunfels, which is located about 30 miles northeast of San Antonio. SouthStar will also take ownership in King Oaks, in College Station; Lake Ridge and Sugar Tree, in Dallas/Fort Worth Metroplex; Sanctuary Cove at St. Andrews Sound, Ga.; and Chapel Ridge in Chapel Hill, N.C.
“Bluegreen Communities is an excellent acquisition for SouthStar,” says J. Larry Rutherford, chairman of SouthStar Communities and a former member of Bluegreen’s board of directors. “Their communities align with SouthStar’s business model and will effortlessly transition into our portfolio of exceptional community developments.”
SouthStar Communities is affiliated with Coral Gables, Fla.-based SouthStar Development Partners, a full service real estate company with a focus on residential development in the South.
SouthStar’s neighborhoods include The Hills of Minneola, in Lake County, Fla.; Flatrock Springs in Marble Falls, Texas; CityVista in Pittsburgh; and Pearson Farms in the Dallas suburb of Frisco.
Bluegreen is a division of Boca Raton, Fla.-based Bluegreen Corp.
Adds Rutherford of the Bluegreen acquisition, “Our property owners are the backbone of this acquisition, and we will work hard to earn their confidence by refocusing on each community’s needs. The company is committed to honoring the vision for each community that Bluegreen created and will continue to provide a quality lifestyle, value and continuity … .”
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