June 5, 2012
Marble Falls, Texas
CBD Real Estate Investment LLC, a Celebration Florida based real estate investment, development and building company, announced that it acquired 247 single family detached finished building lots located in Horseshoe Bay.
The lots acquired by CBD are located in Horseshoe Bay South, North and West. Although no purchase price was discussed, according to Llano and Burnett County records, the total value of the real estate acquired by CBD and its partners is $2.217 million.
CBD acquires residential building lots and land across the United States. It specializes in acquiring distressed assets including land and mortgages. Although CBD does have a division that acquires land for long term investment, the land in Horseshoe Bay is intended to be resold immediately. According to CBD Compliance Officer Raj Balkaran, CBD intends to sells the lots at current market values starting in the fourth quarter 2012. Mr. Balkaran estimates CBD will sell its entire inventory within eight to twelve months.
The land was purchased by CBD from Textron Financial of Greenwich Connecticut. Textron adversely acquired title to the land from prior owners who previously purchased the lots from California based National Recreational Properties Inc. CBD and its affiliate Desert Mountain Land also have acquired another 17 lots from individual owners throughout the Horseshoe Bay community. It also has under contract 151 more building lots throughout the community.
David Waronker, President of CBD Real Estate, believes its investment in Horseshoe Bay will be significant not only for his company but also for its many future customers. According to Mr. Waronker the land and lots acquired are very low prices and will be resold to the public for prices never seen before in Horseshoe Bay, with some lots selling for just $1000. At the peak of the housing market, the average sales price for a lot in HSB was $21,000.
CBD REAL ESTATE INVESTMENT LLC