Shea pays $10.5M for 324 lots in Lacey
Shea officials said they will soon start building model homes and open a sales center in late summer. Homes will range in size from 1,250 to 2,500 square feet, and will be priced from the low $200,000s to the mid $400,000s.
Jenamar Communities previously owned Jubilee, which is on Puget Sound and built around a golf course. The project now will be marketed as Shea Homes at Jubilee. Shea entered into a capital partnership with Angelo, Gordon & Co., of New York for this transaction.
The deal is part of a more than $30 million expansion for Shea Homes Active Lifestyle Communities.
The company also bought 532-lot master-planned community in North Las Vegas, and entered into a joint venture with Mountain Real Estate Capital to purchase and develop a 750-home community near Orlando.
