Green Brick Partners, Inc. Announces the Acquisition and Development of Ten Communities in Dallas-Fort Worth, Texas and Atlan...
May 27 2021 - 6:49AM
Green Brick Partners, Inc. (NASDAQ: GRBK) (“Green Brick”) today
announced the acquisition and development of ten communities across
Dallas-Fort Worth, Texas, and Atlanta, Georgia for over 6,000
homes.
“We are continuing to see record-demand for
homes and in an effort to keep up with demand we have closed on
over 5,700 homesites in the Dallas-Fort Worth metroplex, and in
excess of 300 in the Atlanta Metropolitan Area,” said Jed Dolson,
Chief Operating Officer and Executive Vice President of Green Brick
Partners. “We are working quickly to remedy the low supply of new
homes in our core markets. We believe that our proven ability to
create an exceptional lot pipeline is a strategic advantage in a
market like this where lots are in very low supply.”
The ten new neighborhoods will feature homes
from Green Brick Partners subsidiary builders Trophy Signature
Homes, CB JENI Homes, Southgate Homes, Centre Living homes, and
Normandy Homes in Texas, as well as The Providence Group in
Georgia.
“Housing demand continues to far exceed supply
due to historically low existing inventory and very high demand for
energy-efficient new homes in superior school districts like we
build,” said Jim Brickman, Chief Executive Officer and Co-Founder
of Green Brick Partners. “The 2,458 new homes we currently have
under construction is by far the largest in the history of our
company, and we are continuously optimizing our processes to
improve cycle times. With the recent addition of Jack Wilkins as
our Director of National Purchasing, we are working hard to
overcome the supply chain bottlenecks that all homebuilders are
experiencing.”
In Texas, the communities will be located in the
cities of Frisco, Allen, McKinney, Forney, Princeton, Grand
Prairie, and Waxahachie. In Georgia, the communities will be
located in the cities of Alpharetta and Sugar Hill.
About Green Brick Partners
Green Brick Partners, Inc. (Nasdaq: GRBK) is a diversified
homebuilding and land development company. Green Brick owns five
subsidiary homebuilders in Dallas, 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 Inc.’s
subsidiary homebuilders, please visit
greenbrickpartners.com/homebuilders.
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. 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 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 March 31st, 2021 filed
with the Securities and Exchange Commission.
Green Brick PartnersMedia
Contact:Shalott Cecchini,Director of
Marketingscecchini@greenbrickpartners.com www.greenbrickpartners.com
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