Homebuilder Purchases Over 2,000 Paper Lots in December
PLANO, TX – (January 5th, 2021) – Green Brick Partners, Inc. (NASDAQ: GRBK) (“Green Brick”) today announced the acquisition and development of five communities across the Dallas-Fort Worth metroplex for over 2,000 homes. The communities will be located in the cities of Red Oak, Prosper, Celina, and Princeton, Texas.
“In an effort to fuel further expansion and keep up with record-demand for homes, we have closed on over 2,000 homesites in the DFW region during December 2020,” said Jed Dolson, Chief Operating Officer of Green Brick Partners. “Prosper, Celina, Princeton, and Red Oak are great places to live and work, and areas where we are seeing demand for new construction greatly outpacing supply.”
Of the five communities, two will be expansions into future phases of existing communities and three will be new neighborhoods.
The five new neighborhoods include Phase II and III expansions into Oakmont Park in Red Oak Texas, where Green Brick Partners’ subsidiary Team Builder, Trophy Signature Homes, has already experienced extensive success in Phase I, and expansions into Windsong Ranch in Prosper, Texas through Green Brick’s Trophy Signature Homes and Southgate Homes brands.
New developments will include Wilson Creek Meadows in Celina, Eastridge in Princeton, and Celina Hills in Celina. The three communities will include a mixture of single-family and townhomes and will include Green Brick’s Trophy Signature Homes, CB JENI Homes, and Normandy Homes brands.
“We have seen some of the highest housing demand in the nation in the Dallas-Fort Worth market,” said Jim Brickman, Chief Executive Officer and Co-Founder of Green Brick Partners. “Due to an increasingly limited supply of land and rising construction prices, the average price for a new home across DFW has risen sharply. Our new developments represent over 2,000 new homes, including a significant number of value-oriented homes that will be optimal for first-time buyers.”
About Green Brick Partners
Green Brick Partners, Inc. (Nasdaq: GRBK) is a diversified homebuilding and land development company. Green Brick owns four homebuilders in Dallas, Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes), as well as a controlling interest in homebuilders in Atlanta, Georgia (The Providence Group), Port St. Lucie, Florida (GHO Homes), and Dallas, Texas (Centre Living 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, Providence Group Title, BHome Mortgage, and Green Brick 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 Inc.’s homebuilding partners, please visit https://greenbrickpartners.com/team-builders/.
Forward-Looking and Cautionary Statements
Any statements in this press release about Green Brick’s expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance that are not historical facts are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “should,” “predicts,” “potential,” “expects,” “future,” “positioned,” “believes,” “projects,” “estimates” and similar expressions, as well as statements in the future tense. Forward-looking statements in this press release include statements regarding (i) the Company’s strategies for development of new and existing communities, (ii) the number of new homes that will be provided from the land acquisition and (iii) that this land acquisition will position the Company to deliver value oriented homes. These forward-looking statements involve estimates and assumptions which may be affected by risks and uncertainties in the Company’s business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any of these forward-looking statements. These risks include, but are not limited to: (1) adverse impacts from general economic conditions, including as a result of the COVID-19 pandemic and the responsive actions taken by federal, state and local public health and governmental authorities, (2) competition in the homebuilding industry; (3) changes in consumer price sensitivity or or decreased demand for the Company’s homes or finished lots; (4) availability and cost of labor and raw materials; (5) a failure to recruit, retain or develop highly skilled and competent employees; (6) an inability to develop or sell communities; (7) government regulation risks, including zoning and density regulations; (8) a lack of availability or volatility of mortgage financing; (9) severe weather events or natural disasters; (10) difficulty in obtaining sufficient capital to fund the development of these communities at commercial rates or at all; and (11) poor relations with community residents.;. For a more detailed discussion of these and other risks and uncertainties applicable to the Company please see the Company’s Annual Report on Form 10-K and the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2020 filed with the Securities and Exchange Commission.