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November 27th, 2007
Some news,
while modest, makes you go “Hmmn …” Like word that Foremost
Communities Inc., a residential land developer and investor
from Irvine, hired Lennar exec Rush Stanisai as land acquisition
manager.
Seems a key
chore for Stanisai will be helping to choose acquisition
targets for Forestar, a joint venture between Foremost
and investment giant Starwood Capital Group. The plan
is to invest in $250 million-plus worth in SoCal land
over the next several years.
Stanisai’s
job at Lennar, one of O.C.’s largest landowners and homebuilders,
was described as finance manager. A Foremost press release
says Stanisai “played an integral role in renegotiating
land and conducting extensive feasibility assessments
of key Inland Empire properties for Lennar.”
Considering
Lennar’s junk-bond status and a need for spare cash, one
wonders if Forestar’s got eyes on any other Lennar “assets.”
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