Mountain Real Estate Capital is teaming up with Classic Homes of Colorado Springs to develop Promontory Pointe, a 267-lot community in Monument.
The deal is Mountain Real Estate’s first investment in the Colorado Springs housing market. Terms of the deal were not disclosed.
Promontory Pointe was originally developed as a John Laing Homes community and had been tied up in bankruptcy since 2009. Over the past several months, Classic Homes worked diligently with the town of Monument to modify the project’s housing and development plans so that a successful community could be developed.
The community was owned and maintained by the seller, Wachovia, who worked with Mountain Real Estate and Classic Homes on the sale. The joint venture partnership will finish development of the 267 lots and then sell the property to Classic Homes and Vantage Homes who will build out the community.
