Multifamily developer Greystar has struck a deal to acquire a major development site north of Nationals Park in Southeast D.C., where it could potentially develop more than 1 million square feet of residential and retail space.
Greystar put the CSX site at 861 New Jersey Ave. SE under contract about a month ago for an undisclosed price, according to a source familiar with the deal. The property is assessed at nearly $72.7 million, an amount that increases to about $85.6 million in the District's 2019 tax year. It's familiar turf for the Charleston, South Carolina-based company, which previously developed the ORE 82 Apartments at 82 Eye St. with RCP Development Company. Greystar emerged as the winning bidder in what one source described as an extremely competitive marketing campaign kicked off by CBRE Group Inc. (NYSE: CBRE) in the fall. Representatives for Greystar and CBRE declined to comment. Greystar is expected to close on the acquisition in two phases, the first of which is slated for later this year. It plans mostly multifamily with some residential on the 7.34 acre site, with frontage on Eye Street and New Jersey Avenue. It's unclear just how many multifamily units Greystar plans for the property, but it would be building into a market that has seen a swell of new residential development in the Capitol Riverfront Business Improvement District, with projects from JBG Smith Properties, Forest City Washington and MRP Realty, among others. The Business Improvement District estimates some 2,000 residential units expected to break ground this year. Reported by the Washington Business Journal (May 23, 2018) For complete information on Greystar, including all corporate and division offices and top personnel, refer to The Directory of Multifamily Builders & Developers and Online Database.
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Trammell Crow hopes to develop a six-story 168-unit apartment building in Minnetonka, Minn., as part of a redevelopment of property currently owned by J.C. Penney Properties.
Portions of the existing parking lot would be removed to be replaced by the apartment building that would be constructed with a mix of one- and two-bedroom units that will be marketed to the 50-plus age group. The project also would provide land for a park. The Minnetonka City Council on April 16 introduced and referred the application to the planning commission. “It has been part of Ridgedale’s visioning process to add more residential areas,” said Loren Gordon, city planner. Reported by the Sun Sailor (May 2, 2018) For complete information on Trammell Crow, including all corporate and division offices and top personnel, refer to The Directory of Multifamily Builders & Developers and Online Database. BUILDER LAND BUYS: LGI ACQUIRES VEGAS SUBDIVISION, TAYLOR MORRISON BUYS 107 ACRES IN HOUSTON5/4/2018 LGI Homes has purchased a vacant, mothballed subdivision in the Las Vegas northeast valley for $4.65 million and plans to build 88 houses there. The land, at the northeast corner of Lamb Boulevard and Carey Avenue, is almost a mile from LGI’s other project site. Taylor Morrison has purchased 107 acres with plans to expand in Riverstone, a Fort Bend County master-planned community in the Houston area.
LGI Homes has purchased a vacant, mothballed subdivision in the Las Vegas northeast valley for $4.65 million and plans to build 88 houses there. The land, at the northeast corner of Lamb Boulevard and Carey Avenue, is almost a mile from LGI’s other project site. LGI hasn’t started selling houses here, and both project sites have eyesore neighbors and histories of failed development plans. But the second purchase underscores LGI’s bet that, amid record new-home prices in Las Vegas, there is a market for less expensive options in a part of town that other builders largely ignore. Builders closed 9,400 sales in Clark County last year. Among the valley’s submarkets, they sold the most in the southwest, at 3,449, and the fewest in the east, at 277, Home Builders Research has reported. LGI aims to start building houses and a sales office this quarter at its first project site, on Lake Mead Boulevard near Lamb, according to Chris Kelly, LGI’s West division president. Plans there call for 102 houses. The company wants land for other subdivisions, too. “We’re actively in the buying mode,” Kelly said in a phone interview Tuesday. He said house prices at its two current subdivisions would start in the low $200,000-range. By comparison, local builders' median sales price last month was around $357,200, according to Home Builders Research. LGI paid a lot less for its project sites than it would have in other parts of the valley that have more construction, and Kelly said the builder targeted the northeast because it liked “the affordability component there.” He also cited the proximity to LGI’s target buyer, home renters; noted the subdivisions were partially developed, cutting the time it would take to start selling houses; and pointed out that Las Vegas apartment rents are rising, which could push tenants to consider buying. As for the nearby blight, Kelly said company officials “do talk about it” but added that people are moving to the area and that other builders are putting up houses. LGI closed its purchase of the Lamb and Carey property on April 6. Plans for a housing tract were drawn in 2004, but the site went into foreclosure twice after the market crashed, county records show. LGI bought the Lake Mead site in February for $4 million. Plans for a subdivision were drawn up by 2005, but the property was seized through foreclosure after the economy tanked. TAYLOR MORRISON TO BUILD 300 HOMES IN HOUSTON Taylor Morrison's Houston division purchased 107 acres from the Brazos Bend Ranch Trust in March. The acquisition will allow the company to add 300 new 60-foot home sites. Two of the company’s brands — Taylor Morrison and Darling Homes — will begin developing the lots in 2019. The expansion is part of the company’s Avalon at Riverstone, a gated reserve within Riverstone that opened in 2012. At the time, it offered more than 300 homesites on 184 acres. Additionally, 10 of the 107 newly acquired acres will be used as a park to be named after local Houston businessman Lloyd Peter Byler, who contributed the land to the Brazos Bend Ranch Trust in 1993 and died in 2017. Taylor Morrison will donate that 10-acre parcel to the Missouri City Parks and Recreation Department. “This is an excellent opportunity for us to expand our signature Avalon at Riverstone community while also preserving land that Mr. Byler cherished,” Amy Rino, president of Taylor Morrison’s homebuilding operations in Houston, said in the release. Separately, the company also announced on May 1 that its Darling Homes division will open two new model homes in Avalon at Sienna Plantation, also in Missouri City. The grand opening event will be held from 10 a.m. to 6 p.m. May 5 and from noon to 6 p.m. May 6. The new model homes are for Darling Homes’ Villa Collection — on 30-foot homesites — and Retreat and Cornerstone Collections — on 65-foot homesites. Darling Homes will offer 30 homesites in The Villa Collection and a combined 19 homesites in The Retreat and Crescent Collections. The Johnson Development Corp., one of the largest developers of master-planned communities in Houston, is the developer for both Riverstone and Sienna Plantation. Reported by The Houston Business Journal (May 1, 2018) For complete information on LGI Homes and Taylor Morrison Homes, including all corporate, region and division offices and top personnel, refer to The National Builders Directory and Online Database. M/I Homes plans to construct new homes in 12 Charlotte-area communities this year, adding about 500 new homes in this market during 2018. Luxury custom home builder, Arthur Rutenberg Homes, brings its portfolio of homes to the expanding Chattanooga market through GenTech Construction, LLC, an independently owned and operated franchise. GenTech Construction was founded as a commercial and custom residential contractor by local businessmen, Paul Vaughn and Duane Horton, in 2002. Mr. Horton, a life-long professional in the construction industry, will serve as the franchise’s building company president.
“We’ve seen demand continue to go up,” M/I Division Vice President Alan Beulah said. “We attribute the company’s performance in Charlotte to a combination of our desirable locations, record of customer satisfaction and number of buyers moving to our region. Many of our buyers are moving from other parts of the country or moving to larger homes for their growing families." Established in 1953 in Clearwater, Fl., Arthur Rutenberg started with 10 lots and the construction of three spec homes. In short order, the young company quickly gained a reputation for high quality craftsmanship, elegant home design, and fastidious attention to detail, said officials. Today, Arthur Rutenberg Homes represents the largest network of independently owned and operated custom home building companies in the United States with franchised homebuilders throughout Florida, Alabama, Georgia, Indiana, Tennessee, North Carolina, Ohio, South Carolina and Virginia. Arthur Rutenberg Homes’ award-wining portfolio includes over 200 unique home designs, more than 350 different elevations, and a range of styles suitable for mountain, coastal and suburban communities. In addition, every home plan can be customized to suit the specific wishes of each customer. Every client receives consultations at an Arthur Rutenberg Homes Design Studio where professional interior designers guide them through the process. “The Arthur Rutenberg Homes family is excited to enter the growing Chattanooga market with GenTech Construction,” said Arthur Rutenberg Homes CEO, Frank Pizzica. “We have been planning an expansion into this market for a number of years and have been waiting to select the right builder for this venture. We are optimistic about the highly qualified team assembled at GenTech, as well as the communities we now have the opportunity to build in.” “We are honored to join the Arthur Rutenberg Homes family of builders,” said Mr. Horton. “Associating with a company that not only encourages, but demands attention to quality and detail is exactly what our clients desire. We are looking forward to putting plans in play starting with the McLemore resort and the Brow Wood community on Lookout Mountain. We are certain that these ‘cutting edge’ home designs will be well received in our Chattanooga area communities.” “Combining experience, passion and the local market knowledge of independent builders, Arthur Rutenberg Homes’ best-in-class business systems provide architectural talent and proven marketing strategies that benefit each city it serves,” said Mr. Horton. “We could not be more excited to be part of this wonderful organization.” Reported by South Charlotte Weekly (May 4, 2018) and The Chattanoogan (May 2, 2018) For complete information on M/I Homes and Arthur Rutenberg Homes, including corporate, region and division offices and top personnel in each, refer to The National Builders Directory and Online Database. Green Brick Partners, Inc. announced that GHO Homes, one of the oldest brands and leading private homebuilders on Florida’s Treasure Coast, has become Green Brick’s seventh Team Builder™ after its acquisition by Green Brick.
Headquartered in Port St Lucie, Florida and operating primarily in Vero Beach, Florida, GHO Homes constructs townhouses, single family homes, and luxury homes. Michael Kahn, Principal of Michael P Kahn Associates LLC, advised GHO Homes on the transaction. “For almost 35 years, GHO primarily focused on the retirement market so this new investment will nicely diversify Green Brick’s product and geographic offering while positioning the company for faster growth. In the 30 years I have been advising builders, this has been one of the most seamless transactions we have done because of the fit, skills, and principal-based cultures of the seller and purchaser,” noted Kahn. Green Brick Partners has purchased all of the assets of GHO Homes and affiliates and acquired an 80% controlling ownership of GHO Homes through an investment in a newly formed entity, GRBK GHO Homes, LLC. Bill Handler will continue serving as President and will be a 20% partner in GRBK GHO Homes. “With this strategic acquisition, Green Brick has expanded into the Florida markets with one of the best brands on Florida’s east coast,” said Jim Brickman, CEO of Green Brick Partners. “GHO and Bill Handler have a customer-first culture, an exceptional management team, and a great lot position. Our future plans include expanding GHO’s experience in age-targeted homes not only in Florida but with our other builders and markets. We believe that this transaction will be immediately accretive to earnings per share.” In 2017, GHO Homes closed approximately 243 homes, generating over $85 million in annual revenue. “I am pleased with the opportunity to continue to grow our business with a well-capitalized public builder that shares our values. We have historically produced high returns on capital but unlike many public builders, Green Brick Partners is committed to helping GHO grow while retaining our key employees. With Green Brick’s strong financial resources and GHO’s deep local relationships, we are well positioned for future growth and opportunities,” said Bill Handler, President of GRBK GHO Homes. Green Brick Partners currently owns or controls approximately 6,200 prime home sites in high-growth submarkets throughout the Dallas and Atlanta metropolitan areas. The acquisition of GHO Homes has added an additional 900 lots to the Company’s portfolio. Reported by PR Newswire (April 30, 2018) For complete information on Green Brick Partners and GHO Homes, including all corporate and division offices and top personnel, refer to The National Builders Directory and Online Database. |
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