Lancaster, Los Angeles County, CA
East of 30th Avenue, south of J Street
When acquired, Dorado Skies was a partially developed 169-lot community in Lancaster. Forestar acquired six partially completed model homes, 109 finished lots and 54 blue-topped lots. Lancaster is a strong growth corridor for the Los Angeles metro area, particularly for buyers who are looking for affordably priced single-family homes.
At the end of 2008, D.R. Horton marketed a portfolio of assets to capitalize on the carryback of tax losses. Forestar was able to document the acquisition and complete the diligence in less than three weeks to meet D.R. Horton’s year-end closing requirement.
Forestar negotiated modifications to the conditions of approval to get certificates of occupancy on the models. Forestar then sold the model homes to a local builder who finished and sold the homes. The remaining lots were sold to KB Homes who has since built and sold all the homes.