WCI Communities gets court OK of $41.36 million subdivision sale

By Jennifer Lanning Drey

Portland, Ore., July 1 - WCI Communities, Inc. obtained court approval of the $41.36 million sale of single-family and multi-family home subdivisions in Loudoun County and Fairfax County, Va., and Price Georges County, Md., according to a source familiar with the case.

The approval came Wednesday from the U.S. Bankruptcy Court for the District of Delaware.

The subdivisions were sold to stalking horse bidders NVR, Inc. and NVR Mid-Atlantic Asset Acquisition, LLC.

The final sale price represents an increase from an original stalking horse bid of $35.56 million, according to a Wednesday court filing.

In all, WCI said the property being sold includes 226 undeveloped lots, three developed lots and three homes built on developed lots.

WCI, a Bonita Springs, Fla.-based home building and real estate services company, filed for bankruptcy on Aug. 4, 2008. Its Chapter 11 case number is 08-11643.

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