LV homebuilding company sold for $2 million

American Communities Inc. of Las Vegas, which plans to build 365 homes locally this year, said it's merging with a California homebuilder in a deal valued at about $2 million plus the assumption of debt.

Robert Porter, American Communities chief executive officer; and his wife, Cheryl Porter, chief operating officer, will receive 925,000 shares of newly issued stock of Inco Homes Corp. valued at about $2 million.

Porter, a former executive at Beazer and Pulte homes, formed American Communities along with his wife in August 1996.

The Porters will oversee homebuilding operations of the combined company in Nevada and Southern California, where Inco builds about 400 homes per year. Inco Chairman Ira Norris will stay on in a strategic capacity, helping with growth plans.

Robert Porter said he and Cheryl Porter plan to manage the company from Las Vegas as it grows; and that selling helped them realize their goal of taking American Communities public.

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