CORAL GABLES, Fla., May 4, 2012 /PRNewswire/ -- SouthStar Communities announces the acquisition of Bluegreen Communities, a division of Bluegreen Corporation, for $29 million. SouthStar Communities is led by J. Larry Rutherford, who also served on Bluegreen's board of directors for 14 years. SouthStar Communities is affiliated with SouthStar Development Partners, a full service real estate company focused primarily on the residential marketplace in the South, having created successful communities in Texas, North Carolina, Georgia and Florida.
"Bluegreen Communities is an excellent acquisition for SouthStar," said J. Larry Rutherford, chairman of SouthStar Communities. "Their communities align with SouthStar's business model and will effortlessly transition into our portfolio of exceptional community developments."
SouthStar's newly acquired residential communities include Vintage Oaks and Havenwood near New Braunfels, Texas; King Oaks near College Station, Texas, home of Texas A&M University; Lake Ridge and Sugar Tree near Dallas/Fort Worth; Sanctuary Cove at St. Andrews Sound, Georgia; and Chapel Ridge near Chapel Hill, North Carolina.
"Our property owners are the backbone of this acquisition, and we will work hard to earn their confidence by refocusing on each community's needs," said Rutherford. "The company is committed to honoring the vision for each community that Bluegreen created and will continue to provide a quality lifestyle, value and continuity. For example, much of the prior owner's sales team has joined SouthStar, and the communities will continue to be served by the same dedicated team of professionals," Rutherford added.
SouthStar's team has a proven track record for creating quality communities and a commitment to managed growth. The company has a reputation for identifying opportunities and acting on them. The leadership team has more than 100 years of real estate development experience in project analysis, financing, acquisition, planning, marketing, development, construction, sales and operations. Since the founding of SouthStar in 1999, the company has acted on dozens of real estate projects and has thousands of satisfied, happy residents and land owners.
About SouthStar Communities
SouthStar Communities is a residential real estate development company with master-planned properties throughout the South. The company is affiliated with SouthStar Development Partners, and led by CEO J. Larry Rutherford, who has worked in all areas of the real estate industry for nearly four decades. Since 1999, SouthStar has developed 20 communities throughout Florida and Texas. The firm's primary activities include the analysis, financing, acquisition, planning and marketing of real estate for both residential and commercial uses.For more information, visit www.southstarcommunities.com.
Contact: Jessica Nunez
SOURCE SouthStar Communities