AMREP Corporation is a holding company, which conducts business through its subsidiaries. The Company operates through two business segments: land development and homebuilding. The land development segment offers for sale both developed and undeveloped real property to national, regional and local homebuilders, commercial and industrial property developers, and others. The Company owns approximately 17,000 acres in Sandoval County, New Mexico. The Company develops both residential lots and sites for commercial and industrial use as demand warrants. The homebuilding segment offers a variety of home floor plans and elevations at different prices and with varying levels of options and amenities to meet the needs of homebuyers. The Company is focused on selling single-family detached and attached homes. The Company commenced operations in New Mexico of its internal homebuilder, Amreston Homes. The Company utilizes internal and external sales brokers for home sales.