Mountain Real Estate Capital closed on an investment with Classic Homes of Colorado Springs to develop Promontory Pointe, a 267-lot community located in Monument, Colo.
Promontory Pointe was originally developed as a John Laing Homes community and had been tied up in bankruptcy since 2009, according to a release from Mountain Real Estate. Classic Homes worked with the town of Monument to modify the project’s housing and development plans. The community was owned and maintained by the seller, Wachovia Bank, which worked with MREC and Classic Homes on the sale.
The MREC/Classic Homes joint venture will finish development of the 267 lots and then sell the property to Classic Homes and Vantage Homes who will build out the community.
Mountain Real Estate Capital is the equity investment arm of the Mountain Real Estate Group.