BROOKFIELD RESIDENTIAL HAS ACQUIRED AN OWNERSHIP POSITION IN KOLTER LAND TO EXPAND RESIDENTIAL LAND DEVELOPMENT IN SOUTHEAST U.S.

Rhea-AI Summary

Brookfield Residential has acquired an ownership position in Kolter Land to expand residential land development across the Southeast U.S. The strategic partnership combines Kolter's operational strength in the Southeast with Brookfield Residential's real estate investment expertise. The collaboration aims to provide finished residential lots and mixed-use pads to builders in Florida, Tennessee, Georgia, and the Carolinas. Jim Harvey, a 30-year veteran, will lead the partnership, transitioning from his role as President of Kolter Land. The partnership will leverage Brookfield's position as one of the largest lot suppliers to homebuilders and Kolter's established relationships with Southeast's leading public and private builders.

Positive

• Strategic expansion into high-growth Southeast U.S. market
• Combination of Kolter's regional expertise with Brookfield's scaling capabilities
• Access to established relationships with leading public and private builders
• Diversification of lot supply business in new geographic markets

Negative

• None.

Strategic partnership to expand residential land acquisition and development to provide finished lots to homebuilders across the Southeast U.S.

DELRAY BEACH, Fla., Nov. 21, 2024 /PRNewswire/ -- The Kolter Group ("Kolter") is excited to introduce, a strategic partnership between Kolter's land business ("Kolter Land") and Brookfield Residential's Land development group ("Brookfield Residential"). The Partnership will provide finished residential lots and mixed-use pads to builders in the Southeast U.S.

The Partnership combines Kolter's operational strength in the Southeast with Brookfield Residential's broad experience in real estate investments and scaling businesses. Deploying a shared commitment to excellence, the Partnership will capitalize on the Southeast's long-term growth as well as an increasing desire among builders to place land development in the hands of expert partners.

Jim Harvey, a 30-year veteran of residential development, will be pivoting from his role as President of Kolter Land to head the Partnership. He said, "Our partnership with Brookfield Residential represents a significant milestone for Kolter Land. Our shared vision, and complementary strengths, position us to be the land developer of choice in the Southeast. We look forward to a successful collaboration that will benefit our Partnership and the communities we serve."

Brookfield Residential specializes in land entitlement and development to create dynamic neighborhoods and master-planned communities across the US. The firm provides lots to third-party customers, including their own homebuilding business, and is one of the largest suppliers of lots to the homebuilding industry. It will build upon the already industry-leading relationships of Kolter Land, which has sold lots to the Southeast's leading public and private builders as well as the sale of retail and multifamily parcels to other vertical developers.

Adrian Foley, President & Chief Executive Officer of Brookfield Residential, stated, "We are thrilled to partner with Kolter to expand our operations in the Southeast market. Our combined expertise and resources will enable us to deliver high-quality residential and mixed-use communities that meet the growing demand in Florida, Tennessee, Georgia and the Carolinas." 

About The Kolter Group: The Kolter Group ("Kolter") is a private investment firm focused on real estate development and investment. Kolter operates four residential development business units and has sponsored over $29 billion of realized and in-process residential real estate projects throughout the Southeast U.S. (including Florida, Georgia, South Carolina, North Carolina, and Tennessee). For more information, visit www.kolter.com or www.kolterland.com.

About Brookfield Residential: Brookfield Residential Properties ULC is a leading land developer and homebuilder in North America. We entitle and develop land to create master-planned communities, build and sell lots to third-party builders, and conduct our own homebuilding operations. We also participate in select, strategic real estate opportunities, including infill projects, mixed-use developments, and joint ventures. We are the flagship North American residential property company of Brookfield Corporation (NYSE: BN; TSX: BN), a global alternative asset manager. For more information, visit www.BrookfieldResidential.com or www.BrookfieldResidentialLand.com.

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SOURCE The Kolter Group

FAQ

What is the purpose of Brookfield Residential's acquisition of Kolter Land?

The acquisition aims to expand residential land development operations in the Southeast U.S., providing finished lots to homebuilders and leveraging both companies' expertise in land development and market presence.

Which regions will the Brookfield-Kolter partnership operate in?

The partnership will operate across the Southeast U.S., specifically in Florida, Tennessee, Georgia, and the Carolinas.

Who will lead the new Brookfield-Kolter partnership?

Jim Harvey, former President of Kolter Land and a 30-year veteran of residential development, will lead the partnership.

What services will the Brookfield-Kolter partnership provide?

The partnership will provide finished residential lots and mixed-use pads to builders in the Southeast U.S., serving both public and private builders in the region.