PLANO, TX– (JUNE 25, 2019) – Green Brick Partners, Inc. (Nasdaq: GRBK) (“Green Brick”) is pleased to announce that Green Brick Partners’ subsidiary, CB JENI Homes, is nearing completion on the model home for its newest 79-townhome community, Terraces of Las Colinas in Irving, Texas.
“Terraces of Las Colinas presented a unique opportunity for us,” said Steve Schermerhorn, president of CB JENI Homes. “In this much-desired area, we wanted to offer affordable and unique housing options. Our plans with homes facing parks instead of streets has proven to be well accepted by the public as we’ve sold more than 20 percent of our offering before opening our model.”
The townhome community will feature four, 2-3 bed, 2.5 bath plan options ranging from 1,758 to 1,915 square feet starting from the mid $300’s. Residents will be able to enjoy low-maintenance, affordable living surrounded by ample green space in a desirable location near employment centers, walkable shopping, and entertainment.
“We saw the opportunity to serve a niche market with affordable infill housing,” said Jim Brickman, CEO of Green Brick Partners. “Single family homes in the area have become increasingly expensive and this has served as significant barrier to entry for young professionals seeking to live closer to the major employment centers that have drawn people to Las Colinas and Irving. The volume of presales has really spoken to this unmet need, and we eagerly anticipate CB JENI Homes providing similar opportunities in comparable markets in the future.”
The model home, located at 566 Cobblestone Lane, Irving, TX 75039, is slated for mid-July completion.
About Green Brick Partners, Inc.:
Green Brick Partners, Inc. (Nasdaq: GRBK) is a diversified homebuilding and land development company. Green Brick owns a controlling interest in five homebuilders in Dallas, Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Centre Living Homes, and Trophy Signature Homes), as well as a homebuilder in Atlanta, Georgia (The Providence Group) and 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, Providence Group Title, 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. These statements are based on assumptions that Green Brick has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances, as of the date of this press release. All such forward-looking statements involve estimates and assumptions that are subject to factors that could cause actual results to differ materially from the results expressed in the statements, and you should not place undue reliance on any such forward-looking statements. Among the factors that could cause actual results to differ materially are the following: general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; the failure to recruit, retain and develop highly skills and competent employees; management and integration of acquisitions; labor and raw material shortages; an inability to acquire land for reasonable prices; an inability to develop and sell communities; government regulation risks; mortgage financing availability and volatility; severe weather or natural disasters; difficulty in obtaining sufficient capital; poor relations with community residents; and our debt and related service obligations. Additional factors that could cause actual results to differ are discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s annual and quarterly reports filed with the Securities and Exchange Commission. Green Brick undertakes no obligation to update any forward-looking statement except as required by law.