Stanley Martin Holdings Acquires Prestige Corporate Development and Prestige Site Works
May 13 2024 - 8:33AM
May 13, 2024 – Stanley Martin Holdings announced today that
it has entered into an agreement to acquire Prestige Corporate
Development (a land acquisition, development, and lot sales
business) and Prestige Site Works (a land development general
contracting business), both headquartered in the Charlotte, North
Carolina metro area. Prestige controls more than 8,000 lots
in the Greater Charlotte area and is actively performing site
development work on 15 projects representing more than 2,500 lots
throughout North Carolina and South Carolina. The transaction
is expected to close in May 2024.
Steve Alloy, President of Stanley Martin, said, “Stanley
Martin’s growth strategy includes expanding beyond its core
homebuilding business into additional real estate segments. The two
Prestige companies will become our fourth and fifth subsidiary
businesses, further enabling that expansion. When we met the
principals of Prestige, we knew that the individuals and their
company culture were extremely well-matched to join Stanley
Martin’s group of companies.”
Brian Mahoney, the owner of Prestige, said, “I’ve embraced the
challenge, found immense joy, and taken great pride in the growth
and achievements of the Prestige team and family over the past six
years. This acquisition marks the continuation and the
beginning of exciting opportunities for growth and expansion for
Prestige. I have full confidence in the leadership team at
Prestige, our dedicated employees and families, and the synergistic
blend of leadership, culture, and partnership offered by Stanley
Martin Holdings. Together, they pave the way for Prestige to thrive
for many years ahead!”
Steve Bailey, the President of Prestige, added, “It has been an
honor to be a part of what Mr. Mahoney and the Prestige team have
grown in the last 6 years. I look forward to seeing what this team
can achieve with an excellent partner like Stanley Martin.”
Maynard Nexsen PC provided legal representation for Stanley
Martin. Williams Parker represented the sellers. Whelan Advisory
served as the exclusive financial advisor to Prestige in the
transaction.
About Stanley Martin Holdings
Stanley Martin Holdings is engaged in a variety of real estate
businesses, with operations primarily concentrated in the
southeastern United States. Its brands include Stanley Martin
Homes, Stanley Martin Custom Homes, First Heritage Mortgage, and
First Excel Title. Its group companies have more than 1,000
employees and generate over $2 billion in annual revenues.
Stanley Martin Holdings, LLC is a subsidiary of the Daiwa House
Group. The Daiwa House Group is headquartered in Japan and is one
of the largest housing, construction, and development companies in
the world.
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John Piedrahita
Stanley Martin Homes
(703) 964-5046
piedrahitajm@stanleymartin.com