Terrabrook - Selling Broadlands Residential

I heard that it was reported in the Washington Business Journal that Terrabrook had signed a letter of intent to sell the residential holdings of Broadlands to Newland Communities. Has anyone heard this?

 

Here's the link to the article online http://washington.bizjournals.com/washington/stories/2003/07/07/story1.html
It says "During the week of June 23, California-based Newland Communities signed a letter of intent to buy Terrabrook's residential holdings, which include the Broadlands and Clarksburg in Montgomery County. Williamson would not confirm whether the local holdings are part of the Newland sale." [Williamson is vice president and general manager of Terrabrook]

So, yeah, quite possibly. The article itself is about how Terrabrook is looking for buyers for Reston Town Center properties it owns.



--Joy

 

I spoke to Terrabrook after this article was published, and they informed me it was not accurate. They are considering selling their remaining residential properties in Virginia, a company from California has expressed interest, but there has been no agreement reached.
Cliff