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WCI buys builder.

WCI Communities, Inc., acquired Spectrum Communities, a home builder and developer of residential lifestyle communities in New York, New Jersey and Connecticut.

The price of the acquisition was not disclosed.

WCI President Jerry Starkey said the acquisition provides WCI a strategic platform to expand its traditional and tower homebuilding business in one of its most significant Florida-feeder markets.

"In many ways Spectrum Communities' business mirrors that of WCI," Starkey said. "Our companies are both focused on creating a compelling value proposition by delivering to our customers high quality homes in superior lifestyle communities. Like WCI, many Spectrum customers are over 55, and about 40% of all Spectrum home buyers paid cash for their homes in 2003."

Spectrum Communities was founded in 1985 by Mitchell C. Hochberg. Spectrum was named by Professional Builder as one of its "Top 100 Housing Giants" in its 2001-2003 publications and one of the "Best 101 Companies to Work For" in 2002.

In 2003, on a pro-forma basis including all joint ventures on a consolidated basis, Spectrum delivered 359 homes with an average sales price of $508,000. Spectrum currently controls approximately 1,700 lots.
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Title Annotation:Inside Construction; WCI Communities, Inc., buys Spectrum Communities
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U5FL
Date:Jun 2, 2004
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