City Ventures, Inc. is a California home builder focused on repositioning underutilized real estate in communities in Southern and Northern California into residential housing in supply constrained coastal urban infill areas. The company also targets high demand suburban locations. Deutsche Bank Securities and Goldman Sachs were listed as the book-runners. Co-managers were listed as Citigroup, Imperial Capital, J.P. Morgan and UBS Investment Bank.
The company claims to have grown its home sales revenue, orders and closings from $45.2 million, 144 homes and 103 homes in 2011 up to $96.5 million, 187 homes and 202 homes in 2012. During the three months ended March 31, 2013, the company’s home sales revenue, orders and closings were $19.2 million, 74 homes and 35 homes versus $19.1 million, 58 homes and 46 homes. Its adjusted gross margins were 28.4% as of the end of 2012 and 26.4% as of the March quarter of 2013, with EBITDA margins of 16.2% and 11.1% for the same periods.
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