Green Brick Partners subsidiary, The Providence Group, will develop 250 homes as part of their newest community, Baynes of Suwanee Creek
PLANO, Texas, July 30, 2019 (GLOBE NEWSWIRE) — Green Brick Partners, Inc. (Nasdaq: GRBK) (“Green Brick”) is pleased to announce that Green Brick Partners’ subsidiary, The Providence Group, has closed on another opportunity in a AAA submarket in Suwanee, Georgia.
“The 49-acre community will yield 250 home sites with a mix of product types including front and rear entry single family homes, and front and rear entry townhomes,” said Jeff Kingsfield, COO of The Providence Group. “Located within 2.5 miles of the community is the $1 Billion Revel mixed-use development which will feature specialty retail, restaurants, entertainment, and over 600,000 square feet of office space. We anticipate strong interest from buyers seeking to live in such close proximity to all that Revel will offer.”
The community will be gated and include an amenity center with pool, walking tails, and access to the 154-acre Peachtree Ridge Park, which includes baseball, football, and soccer fields as well as basketball courts and a large playground.
“The Providence Group has a positive history in Suwanee, and we are pleased to see them expand in the Western Gwinnett submarket,” said Jim Brickman, CEO of Green Brick Partners. “Supply of new construction in this submarket has become extremely limited and there is an exigent need for thoughtfully designed, quality homes which we believe TPG will excel at providing.”
Single-family homes at Baynes of Suwanee Creek will begin in the low $400’s and townhomes will be available from the mid $300’s. The community will open for sales March 2020. For more information on The Providence Group and to receive more information, please visit www.theprovidencegroup.com.
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.