JDM Partners Exercises Option To Reacquire Stake In Douglas Ranch
(RTTNews) - The Howard Hughes Corp. (HHC) announced Monday that JDM Partners has exercised their remaining option to reacquire a stake in Douglas Ranch, the recently launched large-scale master planned community in Phoenix's West Valley.
The community was acquired by Howard Hughes from JDM Partners and El Dorado Holdings last October for approximately $541 million. On August 18, JDM Partners exercised its second option to buy back into Douglas Ranch, acquiring an additional 2.8% interest in the Douglas Ranch joint venture for approximately $15 million.
The transaction brings the aggregate of JDM Partners' investment in Douglas Ranch, excluding Trillium, the community's first 3,000-acre village, to approximately $65 million, which equates to approximately 12% of the joint venture.
JDM Partners and El Dorado Holdings are 50/50 joint venture partners with HHC on Trillium. Land sales at the master planned community are expected to begin this fall.
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