1
 Kaufman & Broad Home Corp. said 
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attribution

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it formed a $53.4 million limited partnership subsidiary 
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span

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to buy land in California suitable for residential development.
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purpose

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 The partnership, Kaufman & Broad Land Development Venture Limited Partnership, is a 50-50 joint venture with a trust
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 created by institutional clients of Heitman Advisory Corp., a unit of Heitman Financial Corp., a real estate advisory, management and development company with offices in Chicago and Beverly Hills, Calif.
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 Kaufman & Broad, a home building company, declined to identify the institutional investors.
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elaboration-additional

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 The land
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 to be purchased by the joint venture 
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hasn't yet received zoning and other approvals 
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required for development,
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 and part of Kaufman & Broad's job will be to obtain such approvals.
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 The partnership runs the risk
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 that it may not get the approvals for development,
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 but in return, it can buy land at wholesale rather than retail prices,
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 which can result in sizable savings,
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 said Bruce Karatz, president and chief executive officer of Kaufman & Broad.
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 There are really very few companies
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 that have adequate capital
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 to buy properties in a raw state for cash.
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purpose

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 Typically, developers option property,
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Sequence

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 and then 
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Same-Unit

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once they get the administrative approvals,
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 they buy it, 
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said Mr. Karatz,
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 adding 
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that he believes 
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the joint venture is the first of its kind.
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 We usually operate in that conservative manner. 
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 By setting up the joint venture,
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means

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 Kaufman & Broad can take the more aggressive approach
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 of buying raw land,
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Temporal-Same-Time

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 while avoiding the negative impacts to its own balance sheet,
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 Mr. Karatz said.
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 The company is putting up only 10% of the capital,
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 although it is responsible for providing management, planning and processing services to the joint venture.
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antithesis

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 This is one of the best ways 
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to assure a pipeline of land 
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to fuel our growth at a minimum risk to our company,
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purpose

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 Mr. Karatz said.
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concession

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background

