David Weekley Homes has purchased two parcels near the Houston Farmers Market redevelopment in the Heights for a new gated community.
The 6.1 acre site is about a half a mile south of Loop 610 North. The deal consolidates a former mobile home park on 4.8 acres with a 1.3-acre parcel. The properties were purchased from the Robert Wayne Estate, which was represented by Chris Dray of NewQuest Properties. Prior to the sale, nearly 35 mobile homes on the Airline tract had to be cleared and the Nadine Street site had to be legally abandoned, according to NewQuest. The deal required one buyer for both sites. "This land was under contract in three weeks, but it took two years to close because of the complex structuring of the family ownership and boundary issues," Dray said in an announcement. Two houses at the entry to the trailer park will be demolished to make way for a gated urban community with 78 units. The Northwood lot will house a future phase. The project comes amid a flurry of activity in the area. It is just north of a 291-unit apartment complex being developed by Dallas-based Lincoln Property Co. and south of MLB Capital Partners' 17.5-acre Houston Farmers Market, which is undergoing a $10 million makeover to create an open-air market with chef stalls and a mix of vendors and gathering spaces. "This was an incredibly rare opportunity to get a tract of that size in the Heights," Dray said. "Lots of people were interested in this site. Everyone knows the redesign of the farmers market will be the catalyst that will dramatically change this area." David Weekley Homes builds urban-style homes in the Reserve at Washington and Timbergrove Village inside the northwest corner of Loop 610. The Houston-based builder is also planning the Dominion at Garden Oaks, consisting of 45 homes on on four acres just north of Pinemont and west of North Shepherd. The homebuilder operates in 20 cities across the United States.
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Toll Brothers Inc. announced its expansion into the Atlanta, Ga., market through the acquisition of Sharp Residential, one of the largest private home building companies in Atlanta. The purchase price was paid in cash but was not disclosed.
Sharp Residential was founded in 1991 by Tom Sharp and has delivered over 5,000 homes in the Atlanta market since inception. The Company focuses primarily on the area’s northern suburbs with homes ranging from first-time to luxury at price points from the $300,000s to the $900,000s. At the date of acquisition, the Company had approximately $65 million in backlog consisting of 125 homes with an average price of $520,000. Including the existing backlog, Toll Brothers acquired approximately 900 lots owned and controlled in the Atlanta MSA. The acquisition will increase Toll Brothers’ selling community count by approximately 10 communities as of the closing date. Douglas C. Yearley, Jr., Toll Brothers’ chairman and chief executive officer, stated: “Atlanta was the largest U.S. housing market where we did not operate. We believe joining with Sharp Residential is the ideal way for us to enter and grow quickly in this robust market. As one of Atlanta’s premier homebuilders, the diversity of their product lines will enable us to offer a broad range of communities to the upscale market. We are confident that their experienced management team, great land positions, reputation for fine quality homes, and long-established local relationships will be a formula for our success in the Atlanta market. Given the size, depth and demographics of this market, we are very excited with the opportunities ahead.” Tom Sharp, founder and president of Sharp Residential, stated: “Based on our nearly thirty years building homes and serving customers in the Atlanta market, we see significant opportunity for continued growth as we join the Toll Brothers family. We are confident that our knowledge of and reputation in the market, combined with Toll Brothers’ great brand and resources, will enable us, together, to grow and succeed in the Atlanta market. We look forward to an exciting future as a member of the Toll Brothers team.” Zelman Partners LLC acted as exclusive financial advisor to Sharp Residential. Lennar Multifamily Communities (LMC) has purchased a two-acre site just inside the West Loop.
Lennar affiliate LMC Westcreek Holdings acquired the parcel at the southwest corner of Westcreek and San Felipe from Westcreek HTX Real Estate Partners, according to Harris County property records dated May 3. The purchase price was not disclosed, but the county appraised the parcel for about $9 million. Officials from Charlotte, N.C.-based LMC were not available to comment Tuesday, but a new residential high-rise on the site would be the fifth to go up in recent years on the short stretch of Westcreek. “That zone is a wonderful place to be with so much walkability,” said multifamily analyst Bruce McClenny. Other new towers in the immediate area include the 35-story Arabella and the 17-story Wilshire — both condominium properties — and SkyHouse, a 25-story rental building. Gables Residential is currently developing a 14-story apartment building just north of the Lennar site. The project, which will have 295 units averaging 1,539 square feet, will be Gables’ first high-rise in the Houston market. River Oaks District, the four-year-old mixed-use development just south of the towers, has its own cache of luxury apartments. But the market for upscale apartments in this affluent area is slow. Dozens of landlords from the Galleria area through Upper Kirby and West University are offering rental specials to lure tenants. The average rent for a so-called Class A unit in these areas combined is $1,731 per month, down from a high of $1,772 last June, said McClenny, who runs ApartmentData.com. The high-end multifamily rental market, he said, is still trying to find its footing after experiencing supply and demand imbalances resulting from the energy downturn and Hurricane Harvey. Occupancy is around 90 percent, but largely because of the rental specials, McClenny said. “They’ve achieved this occupancy by buying it with lower rates,” he said. Miami-based Lennar launched its rental development business in 2011. The company develops and operates multifamily rental properties across the United States, ranging from garden-style complexes to high-rise buildings. It recently developed its first apartment project here, 88 West, a four-story complex at 8820 Westheimer, near Fondren. LMC is the sixth-largest apartment developer in the United States, according to the National Multifamily Housing Council. The company developed 4,585 units in 2018, up 23 percent from 3,742 the previous year. Despite the current strains, McClenny said the apartment market is poised for improvement as the economic downturn and Hurricane Harvey become further away. “Over a long-term basis, Houston’s going to grow,” he said. “It’s just a matter of matching up the type of product we have for rent with the type of people we have who can lease there. it’s not exactly matching up so well right now.” Reported by The Houston Chronicle (May 15, 2019) KB Home has named Adam Hieb as president of its Sacramento division. Hieb will oversee KB Home’s operations, including land acquisition, construction, sales, marketing and customer service, throughout the Sacramento metropolitan area and surrounding Central California counties.
Hieb joins KB Home with more than 19 years of home building and residential construction experience, previously holding leadership positions in sales, marketing and escrow with Northern California homebuilders. He holds an MBA from St. Mary’s College and a B.A. in history with a minor in political science from George Fox University. “Adam’s considerable experience in and extensive knowledge of the Northern California housing market will help accelerate the execution of KB Home’s business strategy,” said Chris Apostolopoulos, KB Home’s regional president for Northern California. “We are confident that Adam’s proven leadership combined with our highly customer-centric business model and focus on personalization will enable us to further capitalize on the long-term growth opportunities in this region.” KB Home’s Sacramento division, which encompasses El Dorado, Nevada, Placer, Sacramento, Sierra, Sutter, Yolo and Yuba counties, currently has 10 new-home communities open for sale. KB Home offers a diverse mix of locations, floor plans and design choices across Northern California and is distinguished by its distinct home buying process, which allows consumers to personalize their new home to suit their budget and style. Additionally, all new KB homes in California are built to current ENERGY STAR® certification guidelines and include WaterSense® labeled faucets and fixtures, meaning they are designed to be more energy and water efficient than most typical new and resale homes, potentially saving homebuyers money on their monthly utility costs. Reported by KB Home company press release (May 2 2019) Highland Homes, the 23-year-old homebuilding company founded by father-son team Bob and Joel Adams, has been sold to a subsidiary of Berkshire Hathaway Inc., the company founded by famed investor Warren Buffett, one of the world’s richest people.
Clayton Properties Group, a division of Clayton Home Building Group in Maryville, Tennessee, closed its purchase of Highland Homes, one of Central Florida’s largest home builders, on Thursday for an undisclosed price, the company said in a Friday statement. “We are thrilled to join Clayton Properties Group’s family of builders,” said Joel Adams, Highland Homes’ executive vice president, in the statement. “The partnership with Clayton opens up tremendous opportunity for our team members to continue our focus on building high-quality, affordable homes in Central Florida with a strong emphasis on customer experience and market growth.” The Lakeland-based family company has built more than 8,000 homes in more than 200 communities in Polk County and across Central Florida since Joel Adams and his father, Robert Adams, founded it in 1996. In addition to Polk, Highland Homes has built in Ocala, Orlando, Sarasota, Bradenton and the Tampa Bay area. Highland Homes became the ninth home builder to join Clayton Properties, the site-built division of Clayton Home Building Group. “Highland Homes is a natural fit for our distinguished group of builders,” Building Group President Keith Holdbrooks said in the statement. “Like Clayton, Highland has a tradition of excellence and an intense focus on providing world class team member and customer experience. We look forward to blending the synergies between Highland and our builders by focusing on innovation and enhancing the customer experience for our home buyers.” Highland sold more than 800 homes last year and ranked 75th on the 2018 Builder Magazine’s Builder 100 list. It projects to build approximately 980 homes this year. Among the recognitions Highland Homes has garnered are the sixth largest Tampa Bay home builder by Tampa Bay Business Journal last year and the 44th fastest growing, privately owned company based in the Journal’s 2018 Fast 50 Awards. The Clayton Properties Group has operations in Alabama, Colorado, Florida, Georgia, Indiana, Kansas, Missouri, North and South Carolina, Tennessee, Texas and Utah. It ranked 29th on the 2018 Builder Magazine’s Builder 100 list and is on a pace to build more than 7,000 homes this year, including Highland Homes’ total. Founded in 1956, Clayton builds traditional site-built homes, modular and manufactured homes, tiny homes, college dormitories, military barracks and apartments. Bob Adams told The Ledger he plans to retire while his son will remain with the company under Clayton. Reported by The Ledger (May 4 2019) Mattamy Homes has named Bob Meyn president of the company's Tampa-Sarasota-Naples division.
Meyn will oversee all aspects of Mattamy's business, including land acquisition and development, marketing, sales and construction in Southwest Florida, according to a press release. He has more than 25 years of experience in the homebuilding industry, the statement adds. Most recently, Meyn was vice president of sales and marketing with Taylor Morrison in Chicago, a position he also held at Orleans Homes and Ryland Homes. "Bob's experience and knowledge in product development, marketing, merchandising and sales techniques will be an important addition to our Southwest Florida team," says Mattamy Home US CEO Pete Skelly in a statement. "He is a proven homebuilding executive with a history of successful business and organizational development, and we look forward to him guiding Mattamy's Tampa-Sarasota-Naples Division into the future." Mattamy Homes operates in 10 markets in the U.S. as well as in Canada. Its U.S. head office is in Orlando. Reported by Business Observer (May 6 2019) Mill Creek Residential is moving into the Nashville Market. The company's regional office in Music City will mark the its 15th in the U.S. Luca Barber will serve as the vice president of development for Nashville and head up the regional office.
"Nashville is a vibrant market that is well positioned for accelerated growth in the near future due to its strong economy, aggressive expansion plans and popularity," said Chad DuBeau, senior managing director of development in Atlanta and Nashville for Mill Creek Residential. "We believe Luca is a great fit to lead our new Nashville office and our expansion into the market." Barber has experience in the Nashville market, having served as the vice president of development and acquisitions in Nashville for Lincoln Property Company prior to joining Mill Creek. Since 2010, Barber has participated in more than $3.5 billion of commercial real estate transactions and has a background in mixed-use development, acquisitions and multifamily investment sales. Barber will be responsible for overseeing the development process of the entire Nashville pipeline, including sourcing, entitlements and design of new multifamily development opportunities in the region. "Mill Creek has always been on the cutting edge of development, and I'm excited to join an industry leader with such a robust track record," said Barber, who holds a Masters of Business Administration from North Carolina's Kenan-Flagler Business School. "Over the last few years, I've watched Nashville become one of the most popular destinations in the country, as people have recognized the incredible living experience and employment base it has to offer. I look forward to working with Mill Creek to cultivate its niche in this great city." Barber's experience also includes positions with MetLife Real Estate Investors in Atlanta, Jones Lang LaSalle in Washington, D.C. and Roseland Property Company in the New York Tri-State Area prior to operating in the Nashville market with Lincoln Property Company. Mill Creek is a leading multifamily investor and operator specializing in premier apartment and mixed-use communities across the U.S. It has been active in the southeast, particularly in the nearby Atlanta market with nine communities either in development, under construction or completed. The company has concentrated on mixed-use concepts for low-rise, mid-rise and high-rise developments and expects to maintain that focus in the Nashville market. Reported by Mill Creek Residential company press release (May 8 2019) |
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