Land Owners
Travis Unified School District
Meritage Homes, Inc.
Papin Family
Size:
11.5 Acres District Exchange Land
30 Acres District Acquisition
Real Estate Advisor
Terra Realty Advisors, Inc.
Year:
2006
Financing:
Exchange & Cash
Exchange Value:
$8,000,000
Comments:
Terra Realty Advisors, Inc. structured a three party exchange agreement on behalf of our client: the Travis Unified School District, with a national home builder and local land owner for a new school site in the Southtown Masterplan area of Vacaville, CA. Utilizing two surplus school sites, we completed this complicated land trade which involved I.R.C 1033 “friendly” condemnation proceedings, while resolving underlying legal and title issues impacting all the properties. The total approved number of lots created on the District Exchange Land was forty five, which were subsequently built and sold by Meritage Homes.
