LAS VEGAS - Focus Property Group and a consortium of seven homebuilders completed the purchase of the 1,940 acres of land located adjacent to the Anthem community in the City of Henderson for which it was the successful bidder at the Bureau of Land Management auction held on June 2.

The consortium today placed more than $445 million in escrow for payment to the BLM, which, when added to the $111 million paid on the date of the auction, represents the total price of $557 million it bid for the BLM land. The group simultaneously closed a $535 million acquisition and development financing facility from a consortium of banks and institutional lenders led by JPMorgan Chase Bank and J. P. Morgan Securities.

In order to make its winning bid, Focus joined forces with seven homebuilders who together purchased the property and will develop it as a master planned community. The homebuilders include KB Home, Toll Brothers, Woodside Homes, Kimball Hill Homes, Pardee Homes, Meritage Homes and Beazer Homes.

Focus Property Group is working with the City of Henderson to introduce New Urbanism to the Las Vegas valley with this project. New Urbanism is a city planning concept that features a pedestrian oriented design, connectivity between residential, commercial and public open space, diverse housing in smaller, more traditionally planned neighborhoods, high quality architecture, and increased efficiency in the use of water and open space.

“New Urbanism addresses two of the most critical issues facing our community today – affordability and water use,” Focus Property Group CEO John Ritter said. “And it addresses these issues while creating a community that is still very livable and aesthetically appealing.”

Focus estimates that the builders will be ready to open their first model homes in the new community in the fourth quarter of 2006.

Focus Property Group and its affiliated group of companies, brings together expertise in every aspect of the land investment and development process. Focus has been involved in transactions exceeding $4 billion and holds a portfolio with a valuation of more than $1 billion.

Focus Property Group is responsible for the development of more than 8,000 acres in six master planned communities in Southern Nevada and more than 2,500 acres regionally.

In addition to the Henderson project, Focus currently is under development with the 3,000-acre Mountain’s Edge master plan in the southwest valley and the 1,200-acre Providence in the northwest, both of which came to reality through the company’s successful bids at previous BLM land auctions.

LAS VEGAS - Focus Property Group and a consortium of seven homebuilders completed the purchase of the 1,940 acres of land located adjacent to the Anthem community in the City of Henderson for which it was the successful bidder at the Bureau of Land Management auction held on June 2.

The consortium today placed more than $445 million in escrow for payment to the BLM, which, when added to the $111 million paid on the date of the auction, represents the total price of $557 million it bid for the BLM land. The group simultaneously closed a $535 million acquisition and development financing facility from a consortium of banks and institutional lenders led by JPMorgan Chase Bank and J. P. Morgan Securities.

In order to make its winning bid, Focus joined forces with seven homebuilders who together purchased the property and will develop it as a master planned community. The homebuilders include KB Home, Toll Brothers, Woodside Homes, Kimball Hill Homes, Pardee Homes, Meritage Homes and Beazer Homes.

Focus Property Group is working with the City of Henderson to introduce New Urbanism to the Las Vegas valley with this project. New Urbanism is a city planning concept that features a pedestrian oriented design, connectivity between residential, commercial and public open space, diverse housing in smaller, more traditionally planned neighborhoods, high quality architecture, and increased efficiency in the use of water and open space.

“New Urbanism addresses two of the most critical issues facing our community today – affordability and water use,” Focus Property Group CEO John Ritter said. “And it addresses these issues while creating a community that is still very livable and aesthetically appealing.”

Focus estimates that the builders will be ready to open their first model homes in the new community in the fourth quarter of 2006.

Focus Property Group and its affiliated group of companies, brings together expertise in every aspect of the land investment and development process. Focus has been involved in transactions exceeding $4 billion and holds a portfolio with a valuation of more than $1 billion.

Focus Property Group is responsible for the development of more than 8,000 acres in six master planned communities in Southern Nevada and more than 2,500 acres regionally.

In addition to the Henderson project, Focus currently is under development with the 3,000-acre Mountain’s Edge master plan in the southwest valley and the 1,200-acre Providence in the northwest, both of which came to reality through the company’s successful bids at previous BLM land auctions.