SouthStar Communities has announced 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.
SouthStar’s newly acquired residential communities include Lake Ridge and Sugar Tree near Dallas/Fort Worth, 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.
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 says it has acted on dozens of real estate projects and has thousands of satisfied, happy residents and land owners.
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