Green Brick Partners and Meritage Homes Scoop up Land in Booming Far East Dallas
Green Brick Partners has partnered with Meritage Homes to purchase 1,838 lots in the Lake Haven subdivision, Farmersville, Texas. The project includes a 50/50 partnership, covering 453 acres, and construction is set to start in February 2022. The area will offer various lot sizes and amenities such as parks and an amenity center. Home sales are projected to begin in Fall 2023, providing affordable, energy-efficient homes designed for diverse lifestyle preferences. This development aims to meet the growing demand for quality housing near North Dallas.
- Acquisition of 1,838 lots in a desirable location enhances market presence.
- Construction projected to begin in February 2022, indicating growth opportunities.
- Plans for energy-efficient homes cater to increasing consumer demand.
- None.
New Lake Haven Development to Add 1,800+ Homes to Farmersville Residential Offering
FARMERSVILLE, Texas, June 03, 2021 (GLOBE NEWSWIRE) -- Green Brick Partners Inc., in partnership with Meritage Homes, has closed on the purchase of 1,838 lots within the Lake Haven subdivision in Farmersville, TX. The community will be a 50/50 partnership between Meritage Homes and Green Brick Partners. Construction of the approximately 453-acre property is projected to start in February 2022 and is expected to include 40’, 50’, and 60’ lots within multiple stages of development.
Lake Haven will sit adjacent to TX-78, just south of US-380 and minutes from the shores of Lavon Lake. Zoned for schools within the highly-rated Farmersville ISD, the large master-planned community is planned to provide extensive amenities throughout, including parks, trails, landscaped open spaces, and a large amenity center with pool.
“We are thrilled to continue growing our presence in the area, and to provide homebuyers a fantastic opportunity to live in such close proximity to attractive amenities including Lavon Lake while maintaining easy access to major employment centers in North Dallas,” said Jed Dolson, Chief Operating Officer and Executive Vice President of Green Brick Partners. “We have seen remarkable interest from buyers in our nearby Brookside and LakePointe communities, and knew that Farmersville was the next step in meeting the market’s growing need for quality homes.”
Green Brick Partners intends to offer homes through its subsidiary Trophy Signature Homes brand. Unique architecture with clean lines and balanced elevations place Trophy Signature Homes into a modern home classification all its own. Floorplans are flexible and built for homeowners to work from home or use flex space for home gyms or virtual learning. In every Trophy Signature Homes community, modern conveniences are a priority. Homes are air-tight, have cleaner air, and are built to conserve water and energy. These upgrades, along with contemporary fireplaces, vaulted ceilings, oversized garages, and Clare Home automation systems, are included in the price of every home.
“This parcel offers a prime location in a submarket with a high level of desirability and low available inventory. We are looking forward to diversifying our geographic footprint and product mix across Dallas-Fort Worth,” said Austin Woffinden, Dallas division president at Meritage Homes. “With a diverse range of homes at affordable prices, Meritage Homes is building quality, energy-efficient homes while meeting consumer demand for a variety of lifestyle preferences.”
Meritage Homes plans to build 919 single-family LiVE.NOW.® homes in Lake Haven, offering buyers three distinctly different floorplan series designed to appeal to families or empty nesters. These premium quality, affordable homes will include designer-curated interior packages and the M.Connected Home™ Automation Suite, with smart door locks, door sensors and motion detectors, USB outlets and advanced thermostats centrally managed through a smart home hub and app. Every Meritage home is built with energy- and money-saving features including spray-foam insulation, ENERGY STAR® certified appliances, Low-E windows, and a high-performance air filtration system that improves the home’s air quality and reduces the number of allergens. Additionally, all new Meritage homes will be equipped with an efficient multispeed HVAC system that allows owners to better manage the comfort of their home while reducing their environmental impact and operating costs.
Home sales are expected to begin in Fall 2023. For more information about Lake Haven, please contact Kelsey Covey at kelsey.covey@meritagehomes.com or Shalott Cecchini at scecchini@greenbrickpartners.com.
About Meritage Homes:
Meritage Homes is the sixth-largest public homebuilder in the United States, based on homes closed in 2020. The Company offers a variety of homes that are designed with a focus on first-time and first move-up buyers in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.
Meritage Homes has delivered over 140,000 homes in its 36-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is the industry leader in energy-efficient homebuilding and an eight-time recipient of the U.S. Environmental Protection Agency’s ENERGY STAR® Partner of the Year for Sustained Excellence Award since 2013 for innovation and industry leadership in energy efficient homebuilding.
For more information, visit www.meritagehomes.com.
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
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.
Meritage Homes Media Contact:
Kelsey Covey
(972) 580-6355
kelsey.covey@meritagehomes.com
Green Brick Partners Media Contact:
Shalott Cecchini
(469) 573-6741
scecchini@greenbrickpartners.com
FAQ
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