Project Information
Owner/Developer
Travis Unified School District
Meritage Homes, Inc.
Papin Family
Size
11.5 Acres District Exchange Land
30 Acres District Acquisition
Project Manager
Terra Realty Advisors, Inc.
Year
2006
VALUE/COST:
$8,000,000
Financing
Exchange & Cash
Project Notes
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 landowner 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.
