The Homebuilder and Land Developer Will Bring 3,500+ New Homes to Princeton, TX Across Multiple New Single-Family Communities
PLANO, Texas, April 05, 2022 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (the “Company” or “Green Brick”), Fortune Magazine’s top 20 fastest-growing company of 2021 and its fastest-growing public homebuilder, announced today that it has closed on the purchase of approximately 427 acres in Princeton, Texas, for the development of its newest residential community, Windmore. Jordan Cortez and Mason John of Dallas-based real estate advisory and capital markets firm, Vanguard REA, represented Green Brick, and Charles McKissick of RES Real Estate Services represented the Seller.
Windmore will be located south of County Road 398 and west of County Road 447, on one of the last large remaining single-family tracts in the Princeton area. Princeton continues to attract new residents because of its school district as well as proximity to several major thoroughfares including US 380, Highway 121, and Highway 75. Green Brick is currently developing three additional communities nearby: the 2,300+ home community of Eastridge in Princeton, the 800+ home community of Southridge in Princeton, and the 1,800+ home community of Lakehaven in Farmersville.
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“The Site represented an excellent opportunity for Green Brick to further expand in Princeton. They already have multiple developments ongoing in the area and this allows them to also secure a significant foothold south of 380. During the contractual process, they secured entitlements through a development agreement with the City for up to 1,762 single family homes, 225 build-to-rent single family units, and approximately 4 acres of commercial,” said Jordan Cortez, Managing Principal.
In addition to single family homes, Windmore will feature an amenity center, a 15-acre +/- public park, neighborhood parks, and a retail component. Trophy Signature Homes, one of Green Brick’s subsidiary homebuilder brands, will be bringing their sought-after homes to the community through a mixture of 50- and 60-foot homesites in the for-sale component of the community.
“This development, along with our other large nearby communities of Lakehaven, Southridge, and Eastridge, will be critical in bringing much-needed new homes to DFW,” said Jed Dolson, Chief Operating Officer and Executive Vice President of Green Brick Partners. “This coming year, excluding capital invested buying land and finished lots, we intend to spend approximately $285 million developing lots, with the goal of delivering over 4,700 finished homesites to our subsidiary homebuilders across 43 communities throughout 2022.”
Green Brick Partners currently owns or controls 3,523 homesites in Princeton and will begin construction of homes in Eastridge, its second Princeton community, this summer.
About Green Brick Partners, Inc.
Green Brick Partners, Inc. is a diversified homebuilding and land development company operating through eight homebuilder brands in five major markets. Green Brick owns five subsidiary homebuilders in Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes), as well as a controlling interest in a homebuilder in Atlanta, Georgia (The Providence Group), and an 80% interest in a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also owns a noncontrolling interest in Challenger Homes in Colorado Springs, Colorado, and retains interests in related financial services platforms, including Green Brick Title, Green Brick Mortgage, and BHome Mortgage. The Company is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master-planned communities. For more information about Green Brick Partners’ subsidiary homebuilders, please visit greenbrickpartners.com/homebuilders.
About Vanguard Real Estate Advisors
Vanguard Real Estate Advisors is a boutique investment advisory firm that leverages in-depth capital markets expertise along with extensive knowledge of property fundamentals in order to meet the transactional needs of their clients. Vanguard specializes in complex investment sales assignments, joint venture equity placement, and structured finance solutions. For additional information, please visit www.VanguardREA.com.
Green Brick Partners Contact:
Shalott Cecchini
Director of Marketing
scecchini@greenbrickpartners.com
Vanguard REA Contact:
Jordan Cortez
Managing Principal
(214) 556-1951
Jordan.Cortez@VanguardREA.com