Centra Homes snapped up 350 Twin Cities-area foreclosed properties as part of a bulk purchase from Little Canada-based Assured Funding Trust.
Terms of the deal, which closed Wednesday, were not disclosed. Centra’s president, Dale Wills, called it a vote of confidence for the Twin Cities and an investment in the company’s future. “We’ll slowly see some improvement in the market over the next few year,” he said. “And we want to make sure we have the inventory to build on as we rebound.”
The Coon Rapids-based company is also taking advantage of unprecedented opportunities to acquire land at a time when several local and national builders and developers have gone out of business. Last year was one of the worst on record for home construction.
The deal included 28 houses at various stages of construction, but most were buildable and improved lots. Wills said that next week he’ll start pulling permits to build on some of those lots, but others will be held in inventory for construction over the next few years. The properties are in 45 developments in 30 municipalities, most of them in the 7-county metro area, but some are as far south as Rochester and as far north as Isanti.