Tousa agrees to sell Houston assets to new Newmark Homes Houston

By Caroline Salls

Pittsburgh, June 15 - Tousa, Inc. has agreed to sell a majority of its Houston assets to Newmark Homes Houston, LLC, according to a Newmark news release.

According to the release, Newmark Homes Houston was created and will be led by Newmark Homes co-founder Lonnie Fedrick as chairman, former Tousa Houston president Mike Moody as president and chief executive officer, and Jeff Dye as vice president of operations.

"This new company will be privately held, locally owned and financed," Moody said in the release.

Newmark said Tousa will complete and sell all homes currently under construction and will provide a third-party warranty for those purchasers.

The new company will start 60 homes in the first 60 days of operation, which was scheduled to begin June 15, according to the release.

"There will be 55 Tousa employees who will continue their employment with the new company after Tousa winds down their operations," Moody said in the release.

Tousa, a Hollywood, Fla.-based homebuilder, filed for bankruptcy on Jan. 29, 2008 in the U.S. Bankruptcy Court for the Southern District of Florida. Its Chapter 11 case number is 08-10928.

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