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COMMERCIAL SCENE : Joint Ventures Buy 1,000 Acres in Acton

May 28, 1989

Barry Alon of the Alon Organization has announced a 12-month single-family home development plan entailing $130 million in joint ventures for about 1,000 acres in Acton.

In conjunction with the Harvest Group, Alon has acquired 600 acres for single-family home development. Simultaneously, Drexel-Burnham and Merrill Lynch have joined forces with the Alon Organization to develop an additional 200 acres. The Sam Karp Organization of Michigan has signed on for 53 acres.

Alon's partner, realtor Romeo Simone, in conjunction with Carlo Rimbaldi, are joint-venturing an additional 60 acres for future development.

Alon and Simone are currently developing 260 acres of single-family residential homes in Acton at Acton Crest Estates.

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