Forestar Group Inc. (NYSE: FOR) celebrated the grand opening of Austin’s newest multifamily lifestyle community, Promesa, today in a ceremony with the Four Points Chamber of Commerce. As part of its ongoing focus on environmental stewardship, Forestar donated $5,000 to The Nature Conservancy in support of the Balcones Canyonlands Conservation Plan, which includes the nature preserve that sits adjacent to Promesa. A commemorative oak tree also was planted at Promesa highlighting Forestar’s vision to build a new type of lifestyle community that fully embraces sustainability and natural beauty. “Promesa is a reflection of how Forestar’s multifamily initiative is embracing a commitment to being visionary, innovative and accountable,” said Jim DeCosmo, President and Chief Executive Officer of Forestar. “It is one of only a handful of apartment communities to participate in the Austin Energy Green Building Program, and the first community to have each apartment home individually certified.” Located just off RM 2222 in west Austin, the 14-building community is conveniently located near shopping, dining and many outdoor activities, and is only minutes from downtown Austin. Nestled in a wooded setting with serene hill country views, Promesa offers 1, 2 and 3 bedroom apartment homes in a resort-like setting. The opening of Promesa is the culmination of Forestar’s vision to provide residents with a community that embraces lifestyle preferences and allows residents to “Live with Purpose.” Promesa combines green spaces, energy conservation and architectural craftsmanship in 289 uniquely designed apartments available in six spacious floor plans. Common-area amenities include a resort-style pool, outdoor grilling area and fireside lounge, dog park with grooming area, media room, tech center with conference room and a state-of-the-art athletic center. “Promesa represents a key milestone among Forestar’s multifamily initiatives,” notes Tom Etheredge, Executive Vice President-Multifamily Operations. “We are committed to creating exceptional places for people to live, blending excellent locations, high-quality construction, a broad array of lifestyle amenities, and a commitment to sustainability. Our multifamily business strategy is to leverage our experienced team and corporate resources with outside financial capital to create value for our shareholders, partners and community stakeholders.”
Investors in Forestar Group Inc saw new options become available this week, for the August 21st expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 211 days until expiration the newly available contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration.