Major builders grease the wheels for future development, carving out land deals that will allow them to continue to capitalize on the red-hot housing market being fueled by low interest rates and a nationwide shortage of housing inventory.
Mattamy Homes scooped up an 85-acre parcel in Arizona for a community of more than 300 homes. Toll Brothers and Lennar plan to build a 1,200-home community on land they recently purchased in the Los Angeles area. Taylor Morrison plans homes and townhomes on a North Carolina site it acquired late last year. LandSea Homes acquired sites in Northern California and Arizona where it will build a combined 622 homes. And Christopher Todd Communities made its first acquisition in Dallas for one of its build-to-rent communities. Mattamy purchased an 85-acre property in San Tan Valley, Ariz., located in the San Tan Heights master-planned community, for $20.56 million. The property is platted for 324 home sites, and the new community planned for the site will be known as Pinnacle at San Tan Heights. Mattamy’s Pinnacle at San Tan Heights community is expected to start land-development activities later this month and open for sale in late summer 2022. San Tan Valley offers residents easy access to freeways, connecting them to major employment centers in Chandler, Mesa and beyond. The San Tan Heights master-planned community will be home to approximately 4,800 homes upon completion. The overall community offers residents an aquatic and recreation center, located just one mile from Mattamy’s property. The aquatic center includes a resort-style pool with beach entry, open swim area, lap lanes and shaded seating. The recreation building offers a fitness center, prep kitchen, meeting and activity rooms and outdoor gathering area. There are also numerous parks and playgrounds, basketball and volleyball courts, green belts and six miles of paths and trails. Toll, Lennar to build 1,200-Home LA Area Community Long-disputed hilltop land in Montebello, Calif., has been sold and will become a 1,200-home community. Homebuilding giants Toll Brothers and Lennar bought the land from Sentinel Peak Resources, says Land Advisors Organization California. The sellers were energy investors who bought the old oilfield property in 2016. Construction has started to grade the land for the first 349 homes at what will be the gated Metro Heights at Montebello Hills. Models are expected to open in 2022. The project will eventually offer stacked, flat condos, townhomes, and single-family detached homes. Taylor Morrison Maps Plans for N.C. Land Taylor Morrison plans to build 145 single family homes and 95 townhomes on land it purchased in December in Mooresville, N.C. The company has started work on the site now that the local board of commissioners approved an annexation for the project. The annexation included 75.8 acres and a utility extension. LandSea Acquires Land in California and Arizona LandSea closed on 247 homesites at Bentridge, located in the heart of Buckeye, Ariz. This comes on the heels of the acquisition of 193 additional homesites at North Copper Canyon in Surprise, Ariz., and 182 homesites at the Alameda Marina master-planned community in Alameda, Calif., that will celebrate the regions historic Marina Waterfront. At Bentridge Landsea plans homes for the first-time buyer market as well as larger homes of the move-up market. A combination of 14 floorplans will include single- and two-story home designs. Construction is slated to begin in 2022, with sales expected to commence in fall 2022. In Alameda, Landsea will offer a total of 182 townhomes for sale in two different neighborhoods. The first neighborhood, called Island View, includes 98 homes with seven different floor plans ranging from 1,462 square feet to 2,386 square feet. Each home will feature an outdoor porch and deck, and select floor plans will offer private roof top deck space with expansive views of the marina. The second neighborhood will be called Waterside and will include 84 homes with four floor plans ranging from 2,138 square feet to 2,689 square feet. This collection will offer four bedrooms and three-and-a-half to four bathrooms. Each home in this neighborhood will boast a private roof top deck space with a waterfront view. Construction is underway at North Copper Canyon and sales are expected to commence in spring 2022. This collection of 193 new homesites will consist of one-and two-story single-family homes with 14 distinctive floor plans. Homes will offer options for two to five bedrooms, and up to five car garages. Landsea Homes also acquired 476 single-family homes last September at Sunrise Ranch in Surprise. Home sales are expected to begin for that community this summer. Christopher Todd Expands Build to Rent SF Home Communities Single-family-home build-to-rent pioneer Christopher Todd Communities enters the Dallas market with the purchase of about 15 acres on which it plans to build a 140-home community in Grand Prairie. The company is spearheading this project with Taylor Morrison, its national partner for development of branded luxury rental communities comprised of single-story, single-family homes in gated communities that feature resort-style amenities and on-site management. The Christopher Todd Communities Built By Taylor Morrison has been building primarily in Arizona but has national expansion plans in Texas, North Carolina, and Florida where land searches are underway.
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Lennar Corp. gained initial approval for a 536-unit senior community in Rancho Peñasquitos, in San Diego.
The project, called The Junipers, was unanimously approved by the San Diego Planning Commission. It will now go to the City Council for final approval, likely sometime in June. The community will be restricted to individuals 55 and older. It will include a mix of townhouses and single-family homes, with 81 apartments set aside for low-income households. It will also include a 2.87-acre public park and a 2.82-acre loop trail near the intersection of Carmel Mountain Road and Peñasquitos Drive. The 112-acre Junipers project will be placed on a section of a shuttered golf course. Planners have discussed the project before, but the most recent meeting was to consider the completion of an environmental review of the project — which found no significant impact. Plans call for 133 single-family homes, 136 duplexes and 186 sixplexes. Almost all housing is set to be for-sale housing, but 81 one- and two-bedroom apartments will be subsidized housing for low-income seniors. Lennar did not give an estimate of the cost for the for-sale housing. Planning for The Junipers took about five years and involved community outreach. People on the Move - Meritage, landsea, taylor morrison, hhhunt and others name executives5/25/2021 Meritage Homes names Veronica Perez the new Division President in its Charlotte Division. She takes over in this role from Maurice Johnson, who was promoted to Area President earlier in the year replacing Clint Szubinski who was promoted to EVP and COO at Meritage Corporate. Perez’ career spans 20-years in sales and operations with Lennar and Pulte. Brandon Sechrist is the new VP of Purchasing for Taylor Morrison in Scottsdale, moving from Mattamy Homes. Ryan Cunningham is now Regional Finance Director for Taylor Morrison in Georgia, having served in similar roles with Century Communities, Pulte and others.
Scott Geonetta has joined D.R. Horton in Denver as VP of Construction, moving from Lokal Homes where he served in a similar capacity for the past two year. Landsea Homes has been beefing up its leadership with several new hires and promotions. The company named Kaylee Smith as the new Division President for its Arizona Division. Smith served as VP of Sales & Marketing in the company’s Southern California Division for the past three years. Landsea has recruited Patrick Higgins to fill role. Higgins moves to the VP spot after five years as Director of Sales for Lennar and VP of Sales for the former CalAtlantic in SoCal. Harry H. “Buck” Hunt IV will add the title of President to his current CEO role and Kim Kacani takes on the new role of EVP of Real Estate Development as HHHunt Corp. restructures its leadership in the wake of the planned retirement of Daniel T. Schmitt. Schmitt, who joined the company in 1989, has served as President and Chief Business Development Officer. He will retire at the end of the year. Pete Lymberis is the new Division President for Taylor Morrison in the Pacific Northwest, moving from D.R. Horton where he headed the land acquisition department. David Henning joins Taylor Morrison as VP Land Acquisition in the SW Florida Division, moving over from Lennar. Lauren Knutson joined Lennar San Antonio Division as Land Acquisition Manager. Andres Alvarez joins the company in its Miami Division as Land Development Manager. And Phillip Cross joined the company as VP Land Acquisitions in the Colorado market, moving from Richmond American Homes. Johnny Lynch joined D.R. Horton in Florida as VP Land Acquisitions & Development. He was previously with GreenPointe Communities. Brad Kile is now VP of Purchasing For Century Communities and Matthew Denbleyker is Sr. Purchasing Agent, in the Phoenix market. Both moved to Century from D.R. Horton. Dominium hired Thomas (TJ) McElroy as Vice President of Capital Markets. The company created this new position to fill a critical need on its development team providing an extension of the company’s financing capabilities and enabling the organization to continue to expand its portfolio and grow in key regions across the United States. Anokhi Chandarana has been promoted to General Manager for the Mid-Atlantic Region for Lennar Multifamily Communities. Tracy Morrissey is the new Regional HR Director for Lennar in Houston. Altman Companies has been on a hiring spree with Matthew Faciana signing on as the new Director of Associate Development. He has nearly 20 years experience in employee training with much of that in the hospitality industry. Jeff Miller is now Construction Manager, moving from Futura Development. Other recent hires include Shamir Patel as Controller, Jeffrey Wyckoff as Development Manager and Diane Santiago is now Design Manager. On the development and project management front, Erik Oxford joins Doster Construction as Sr. Project Manager. Mark Graffagnino joined Dominium, Senior Construction Project Manager. Alex Panzeri moves to Bainbridge Companies as SVP of Development in the Florida, leaving a similar post with Wood Partners after nearly six years. Nathan Aldous joins Wood Partners as a Project Manager. He previously served a similar role with CF Evans. Becky Ross has joined The Bainbridge Companies as a Regional VP in the Charlotte area. Brittany Grabski has joined CF Evans Construction this year as Marketing Manager. Growth through acquisition shows no sign of slowing down as major builders look to strengthen their positions in key markets and to expand into new markets. The strategy also is driven by builders’ need to acquire lots, both raw and finished, to feed their development pipelines, now and in the future.
LGI Homes and Landsea Homes scored two of the most recent acquisitions with LGI buying the real estate assets of Minneapolis-based KenRoe, Inc. and Landsea closing on its purchase of Vintage Estate Homes. Through its deal, LGI gained control of 85 homes under construction, 130 finished lots and 390 lots either raw or under development. It also acquired control of about 2,500 raw, undeveloped lots for future construction. Landsea, meanwhile, secured positions in the Florida and Texas markets, and gained access to more than 1,800 owned or controlled lots. LGI Homes has acquired the real estate assets of Minneapolis, Minnesota-based KenRoe, Inc., a privately held homebuilder and land development company, for approximately $27 million at closing, subject to post-closing adjustments. KenRoe is recognized for building quality homes targeted at entry-level buyers. The acquired assets include approximately 85 homes under construction, 130 finished lots, and 390 lots either raw or under development. Additionally, LGI is acquiring control of approximately 2,500 raw, undeveloped lots that will be available for future sales as the Company continues to expand its operations throughout the Minneapolis market. Eric Lipar, Chairman and Chief Executive Officer of LGI Homes said, "We are pleased to add KenRoe’s valuable portfolio of land and their experienced and dedicated team to the LGI Homes family. This opportunistic purchase complements our existing positions while expanding our geographic presence and product offerings, in the highly attractive and growing Minneapolis market." KenRoe Owner and CEO, Kent Roessler, said, "LGI Homes is a perfect fit for our company. LGI sets a high standard with an outstanding reputation, a profitable business model, and an experienced management team which align with the vision we have at KenRoe. Our combined operational excellence will allow for continued growth in the Minneapolis market." Builder Advisor Group LLC served as financial advisor to LGI Homes. JTW Advisors LLC served as financial advisor to KenRoe. Landsea Enters Florida & Texas Landsea Homes Corporation has closed the purchase of Vintage Estate Homes, a Florida-based homebuilder with communities in Florida and Texas, for $54.6 million in cash. "We are very pleased to finalize this transaction and gain immediate size and scale within Florida and Texas, two key markets with strong housing fundamentals," said John Ho, Chief Executive Officer of Landsea Homes. "This acquisition is another step forward in our strategic expansion plans to create sustainable communities in highly-desired locations across the United States.” "The Vintage Estates Homes team is renowned for providing superior homes at best-in-class value with exceptional customer service. This is a culture and approach very similar to ours, so the transition to our Landsea Homes brand in these important markets should be very seamless.” Vintage Estate Homes has earned a reputation for building great homes at great value, outstanding design and for building lasting relationships with their customers. It currently has new home communities in high-growth markets in Florida, including Orlando, Palm Bay and Melbourne, as well as Austin and San Antonio in Texas. For the twelve months ended December 31, 2020, Vintage Estate Homes generated $157.1 million in revenue, delivering 405 homes (including build on your own lot) with an average sales price of $387,000. The acquisition adds 1,815 owned or controlled lots and increases Landsea Homes' backlog as of December 31, 2020, by 405 homes. In California, Landsea had 1,766 lots and 242 homes in its construction pipeline at 2020 year’s end. And It just announced plans to build in 187 new homes in Anaheim and San Juan Capistrano. At year-end 2020, Landsea controlled 4,864 lots in Arizona where it has an order backlog of 508 residences. Much of that inventory comes from last year’s purchase of Garrett Walker Homes, a Phoenix based builder. With the closing of this transaction, Vintage Estate Homes employees are becoming part of the Landsea Homes team. Builder Advisor Group represented Vintage Estate Homes as its broker in this transaction. "Today is a monumental day for Vintage as we join the talented Landsea Homes team and bring their great company to Florida and Texas," said Scott Buescher, President of Land and Operations at Vintage Estate Homes. "Their veteran homebuilding leadership group is impressive, as is their forward-thinking vision, deep commitment to a culture of character and integrity, and unmatched customer service. It's easy to understand why they have become the homebuilder of choice in each of their markets." In 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, and now, Texas and Florida – all of which are strategically positioned to continue to grow into the foreseeable future. In 2020, Landsea Homes' net new home orders increased 294%, and total homes delivered increased 156%, over the previous year. Ho concluded, "Our mission is to create a best-in-class homebuilding company that is a great place to work and delivers an unprecedented customer experience, including expanded affordability and technologically-enhanced housing options to our homebuyers. Vintage is a perfect fit for this mission and we are thrilled to join forces." For complete contact information for more than 13,000 of the top personnel at LGI, Landsea Homes, Vintage Estate Homes, Garrett Walker Homes and the other leading 300 U.S. homebuilders including all corporate and division contacts, go to The National Builders Directory and Online Database. Contact us today for your free sample copy. |
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