Mon, 29 Apr 2024 17:35:50 -0700WeeblyFri, 21 Jan 2022 22:30:36 GMThttps://probizpublications.com/news/landsea-homes-acquires-hanover-family-buildersLandsea Homes Corporation completes its acquisition of Hanover Family Builders (HFB), an Orlando-based homebuilder for a purchase price of $179.3 million, subject to certain post-closing adjustments plus the assumption of debt of approximately $69.3 million, which was refinanced with the Company's unsecured revolving credit facility.

In 2021, Hanover closed 632 homes at an average selling price of $328,323 and ended the year with more than 4,100 lots under control, 469 homes in backlog worth more than $200 million and 18 active communities.

"In 2021, Landsea Homes surpassed the milestone of $1.0 billion in revenues and completed our first year as a public company. We believe our acquisition of Hanover Family Builders is another truly transformative event for the Company," said John Ho, Chief Executive Officer, Landsea Homes.

With the closing of this transaction, the company increased its lots under control to more than 12,800 and further accelerated its asset-light strategy by increasing its controlled lots to approximately 50% of total lot inventory.

It also grew its active community count by more than 50% from its December 31, 2021 year end.

Founded in 2017 by brothers Matt, Steve and Andrew Orosz and homebuilding veteran Colby Franks, Hanover Family Builders began with nine communities in the Orlando region, in Osceola, Lake and Polk counties.

Landsea Homes entered the Florida housing market last year, with the acquisition of Vintage Estate Homes. With that purchase, Landsea Homes began providing homes in the Orlando area, including Palm Bay, Palm Coast, Ormond Beach, Lake Helen, Sorrento, Merritt Island and DeBary.

In just eight years, Landsea Homes has grown into one of the premier national homebuilders, with a strong and successful presence in each of their key markets including Arizona, Northern and Southern California, Texas and Florida.]]>Fri, 21 Jan 2022 22:15:47 GMThttps://probizpublications.com/news/single-family-build-to-rent-poised-to-doubleThis year is shaping up to be the hottest on record for the popular build-to-rent sector, as consumers priced out of the homebuying market seek more privacy and space in secondary and suburban locations.

Single-family rental construction posted its strongest year ever last year with 6,740 new build-to-rent homes constructed, according to YardiMatrix data. But this year’s supply of new BFR homes is expected to more than double that record, with 14,000 planned to open their doors in 2022.

While BFR homes proliferated in the aftermath of the Great Financial Crisis, “this time it’s different,” RentCafe’s Alexandra Ciuntu says. “The pandemic created an unprecedented demand among renters for space and privacy, which houses can address much better than apartments.”

A recent RentCafe survey of 3,300 renters reveals that 78% are interested in living in SFR communities. Searches for homes for rent tripled in 2021 compared to the previous year, Ciuntu says.

SFR homes tend to be clustered in lower-density areas since they require significant amounts of land to develop; about 61% of all SFRs are in suburban locations. RentCafe’s survey results hewed closely to that trend, with 29% of respondents saying they would choose a SFR because they want more space, and 25% saying they want more privacy.

Phoenix leads the way as the #1 metro for BFR homes, with a total of 6,420 homes in SFR communities, followed by Columbus, Dallas, Houston, and Riverside. The Phoenix metro area also leads the way in new apartment construction.

The two largest build-to-rent communities of SFRs are in Las Vegas.

Investors are taking note, with multiple players launching capital funds with the built-to-rent strategy in mind. In October, PEG Companies (PEG), a vertically integrated commercial real estate investment firm, launched PEG Capital Partners Fund IV, L.P., which is targeting $200 million in equity to focus on development and management of luxury BFR communities in the primary markets of Utah, Idaho, Arizona, and Colorado.
Reported by GlobeStreet (January 21, 2022)
]]>Wed, 29 Dec 2021 18:53:36 GMThttps://probizpublications.com/news/mattamy-strikes-deal-for-arizona-landMattamy Homes has closed on another major land purchase in the Phoenix area, marking the company’s 7th significant acquisition in 2021. The company’s latest purchase is for a 145-acre property in Goodyear, Ariz., known as Las Ventanas, in a deal worth $20.45 million and approved for 412 home sites. The deal closed on November 30, 2021.

“Our Phoenix team is looking forward to bringing new, Mattamy-signature designs to Las Ventanas,” says Don Barrineau, President of Mattamy’s Phoenix Division. “Based on its extremely favorable combination of value, range of product options and convenient location, we expect the community will be highly appealing to a diverse demographic including families, mature downsizers and outdoor enthusiasts.”

The purchase caps an historic year of acquisitions for the company’s Phoenix Division, with $102.6 million and 1,926 lots positioning the organization for years of industry leadership and dedication to the market. In addition to Las Ventanas, Mattamy closed on the following properties in 2021:
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• Tierra Vistoso – Surprise (178 lots, $6.7 million)
• Empire Pointe – Queen Creek (532 lots, $33 million)
• San Tan Heights – San Tan Valley (324 lots, $20.3 million)
• Sereno Phase 2 – Peoria (133 lots, $5.8 million)
• Aria Ranch – Surprise (139 lots, $5.4 million)
• Miravida (aka Bonita Ranch) – Surprise (208 lots, $11 million)]]>Wed, 29 Dec 2021 18:51:41 GMThttps://probizpublications.com/news/gl-will-take-farmland-to-kitchen-table-in-floridaGL Homes is hot for the Boca Raton market, just recently closing on 334 acres for a price of $215 million.  The land was farmland that had been owned by the same family since 1940.  The purchase follows shortly after the builders purchase of a 190-acre city-owned golf course that GL will transform to a community of 500 homes.

Led by President Misha Ezratti, GL Homes paid $65.7 million for the Boca Raton Municipal Golf Course, according to records. The seller is the city of Boca Raton.  The sale was supposed to close a year ago but was postponed.  The builder paid an additional $250,000 due to the postponement.]]>Wed, 29 Dec 2021 18:50:24 GMThttps://probizpublications.com/news/landsea-puts-emphasis-on-land-in-texasCalifornia-based Landsea Homes Corp., has purchased more than 900 lots in a subdivision in Kyle, Texas, called Anthem Texas.

The lots are the last that remain in the 422-acre master-planned community, which is located along FM 150, west of downtown Kyle and about 4 1/2 miles west of Interstate 35.

The first homes are expected to be ready for buyers to move into in late 2023. Prices for the homes have not yet been set.

Once completed, Anthem will have about 1,500 single-family homes in all, along with an elementary school, an amenity center and commercial space.

According to housing-market research firm Zonda, the Kyle-Buda area led the Austin region in terms of annual new home starts (2,900 starts) in the 12 months that ended in September.]]>Wed, 29 Dec 2021 18:49:30 GMThttps://probizpublications.com/news/ashton-woods-buys-raleigh-homebuilderAshton Woods Homes is expanding again with the acquisition of Capitol City Homes in Raleigh.  Capitol City entered the homebuilding market in 2010 and steadily became a driving force in the market with homes priced from $200,000 to $500,000.

The company, with its 27 employees, expects to build 325 homes this year.  Its closings tallied $55.7 million in 2020.  The company’s managing partners will join the leadership team at Ashton Woods’ subsidiary Starlight Homes in Raleigh.]]>Wed, 29 Dec 2021 18:47:34 GMThttps://probizpublications.com/news/pulte-to-lead-the-march-in-new-agrihoodDeveloper Dwight Saathoff has tapped PulteGroup to be the primary builder in his unique Agrihood concept to be built in the Orlando market.  The 1,185-acre master-planned community will feature about 2,000 homes, a 9-acre working farm, two major community gardens, and 20-acre public community park, and a farm-to-table restaurant.

The property, officially called “The Grow,” is located about 15 miles east of Downtown Orlando, off State Road 50. A wide variety of home styles will be included, from townhomes to estates.

Pulte also recently closed on the land for a new Centex-branded neighborhood called Sawgrass at Coral Lakes.
Located within the existing Coral Lakes community in Cape Coral off Del Brado Boulevard, with quick access to Pine Island Road, Sawgrass will offer 230 new-construction townhomes within the guard-gated, master-planned neighborhood.

The first release of quick move-in homes is anticipated for purchase and move in by summer of 2022.]]>Fri, 16 Jul 2021 16:30:18 GMThttps://probizpublications.com/news/lgi-expands-with-buffington-homes-acquisitionLGI Homes, Inc. today announced it acquired the real estate assets of Buffington Homebuilding Group, Ltd. (“Buffington”), one of the largest privately held homebuilders in Austin, Texas, for approximately $40 million in cash at closing, subject to post-closing adjustments. This acquisition further expands LGI Homes’ land position in the highly attractive Central Texas market and marks another important step forward in LGI Homes’ goal to become a top five national homebuilder.

The acquired assets include over 100 homes under construction, over 350 finished lots and control of approximately 150 additional finished lots that will be available for future sales. The acquired communities increase LGI’s entry-level scale and create the opportunity to introduce its luxury Terrata Homes brand to the Austin market.

Eric Lipar, Chairman and Chief Executive Officer of LGI Homes, said, "We welcome Buffington Homes and its talented team of employees to LGI. With its impressive portfolio of communities and strong land positions, Buffington is the ideal opportunity for us to expand our growth in the attractive Central Texas market. We believe Buffington is a great compliment to our existing Austin communities and the LGI Homes family."

Established in 2009, Buffington has a proven reputation for building quality homes with eco-friendly features and smart home technology targeted at first time and move-up buyers in the Austin and San Marcos, Texas markets.

Managing Partner Blake Buffington said, "We are excited to join the LGI Homes team and continue to serve homeowners in the booming Central Texas market. This transaction represents the next logical step in realizing the Buffington team’s desire to create Austin’s premier homebuilder.

LGI’s core values, customer-centric philosophy and passion for making homeownership attainable fit perfectly with the culture we’ve built at Buffington. LGI is one of our industry’s fastest growing and most profitable companies and we believe this combination will unlock new opportunities for our mission, employees and trade partners."]]>Thu, 10 Jun 2021 18:43:41 GMThttps://probizpublications.com/news/new-21000-home-net-zero-community-rising-in-southern-californiaA new housing model is rising from the dirt in Valencia, California, and potentially raising the bar for real estate developers hoping to reduce their carbon footprints.
More than 21,000 homes are going up in a brand-new community that, its developer says, will be the largest net-zero community in the nation, and potentially the world. In other words, it will leave no carbon footprint.

FivePoint Valencia went into planning 20 years ago, but legal battles ensued, pitting environmentalists against real estate planners. Finally, the project is now getting off the ground.

“It was really an attempt to change the paradigm and turn the debate with the environmental community from across the table to let’s sit on the same side of the table and see if we can find ways to move forward,” said Emile Haddad, CEO of FivePoint. “We need to evolve with the world, and I believe that this will be a step forward.”

The plan at the development is eventually for about 21,500 homes on 15,000 acres, built by big names like KB Home, Lennar, Toll Brothers and Tri Pointe. There will be multifamily units, affordable housing and commercial space, as well as park areas and green spaces.

“The environmentalists have been stopping development in this community for literally decades and forced them into almost building a net zero and completely energy efficient community, and now millennials and everybody have shifted to wanting that,” said John Burns, CEO of John Burns Real Estate Consulting.

In order to get to net zero, the homes will of course have solar panels. There will be electric vehicle chargers in the garages, as well as spaces to charge shared electric vehicles like scooters and e-bikes. Each home will have a high-performance attic that reduces the need for air conditioning, heating and ventilation.

The neighborhood’s pools will be heated through geothermal exchange technology. Recycled wastewater will be used for all irrigation through high-tech sewer pump stations, and landscaping will be drought tolerant and low combustible. That, however, will only get the community halfway to net zero.

“You have to be very creative and you have to challenge yourself and you have to think differently than yesterday,” said Haddad.

As offsets, FivePoint is earning carbon credits through several other projects costing tens of millions of dollars, according to Haddad. They are launching a methane capture program at a California dairy farm and installing rooftop solar in disadvantaged neighborhoods in Los Angeles County. FivePoint acquired the state’s 170-acre Pine Creek Forest, adding a permanent conservation easement.

It is even replacing traditional three-rock cook stoves in sub-Saharan Africa with clean-burning stoves and saving California’s endangered Sonoma spineflower by carving out preserves for it at the development.


The homes will range in price from around $400,000 to just over $1 million. While $400,000 is slightly higher than the national median price for a home, it is around half the median for Los Angeles.

While the Valencia development is about an hour from downtown Los Angeles, demand is already strong, according to the company. The pandemic created a new culture of flexibility for some workers, allowing them to work remotely or come to the office just a few days a week. In addition, millennials, the largest homebuying cohort right now, are particularly sensitive to their own carbon footprint.


“We have demographics that are going to want to be in communities that are environmentally responsible,” said Haddad.

And investors who want to be in them as well.

“A lot of my clients are saying we’re looking for ESG [environmental, social, governance], and developments like this are going to attract capital, so you’re going to see more people doing developments like this so they can get the capital,” said Burns.

He also agrees with Haddad that the social demographics for a development like this are highly favorable.

“The millennials, this is their brag: I’m going to be in an environmentally sensitive community in an environmentally sensitive house, and I’m very proud of that,” said Burns.

While the development is only slated for 21,500 homes now, it could get larger if the demand persists. In any case, it will undoubtedly serve as a model for other real estate developers looking to find an easier path through myriad environmental zoning hurdles in so many areas.

“I believe that this will be a step forward,” said Haddad. “And our hope is that a lot of people will actually start imitating and start raising the bar higher.”]]>Fri, 04 Jun 2021 19:28:21 GMThttps://probizpublications.com/news/pulte-plans-homes-apartments-on-newly-acquired-san-jose-propertyPulte Homes has purchased the site of a mobile home park where the developer intends to construct hundreds of new residences.

Pulte Homes has bought the land occupied by the Winchester Ranch Mobile Home Park in San Jose next to the world-famous Winchester Mystery House, according to documents filed on May 28 in Santa Clara County.

The parcel totals 15.7 acres and is located at 500 Charles Cali Drive near the corner of South Winchester Boulevard and Tisch Way, county property records show. Pulte paid $50 million in cash for the property, according to documents on file at the County Recorder’s Office.

Pulte previously gained approval for its plans to build 688 residences on the land, San Jose city planning files show. The project will consist of 320 single-family homes and 368 apartment units, according to the city documents.

The residences will include seven-story apartment buildings as well as four-story townhomes and condominiums.
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