Green Brick Partners, Inc. Announces Expansion into Austin, Texas

Rhea-AI Summary

Green Brick Partners announced its expansion into the Austin, Texas housing market under the Trophy Signature Homes brand, known for affordable, energy-efficient homes. The Company has acquired 383 acres in Elgin, Texas, for its first Austin community, Trinity Ranch, which will feature over 1,700 homes, including 850 from Trophy Signature Homes. Construction is expected to begin in early 2023, with sales projected to start in spring 2023. This move aims to address the limited inventory of entry-level homes in the region.

Positive

• Expansion into the growing Austin market, enhancing market presence.
• Acquisition of 383 acres for a new community, indicating growth potential.
• Addressing the demand for affordable housing with 1,700+ home community.

Negative

• None.

PLANO, Texas, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (the “Company” or “Green Brick”), Fortune Magazine’s top 20 fastest-growing company of 2021 and its fastest growing public homebuilder, announced today its expansion into the Austin, Texas market.

Green Brick Partners will make its debut into the Austin market through its Trophy Signature Homes brand. Trophy Signature Homes constructs superior, affordable homes with best-in-class energy-efficient features and an industry-leading lineup of luxury upgrades included as standard features. The brand is currently selling homes across 24 communities in Dallas-Fort Worth, Texas.

“Economic opportunities and an unmatched quality of life have driven people to relocate to the Austin area, creating a robust demand for new homes,” said Jed Dolson, Chief Operating Officer and Executive Vice President of Green Brick Partners. “Inventory of new homes, particularly entry-level homes, continues to be incredibly limited and is exacerbating the issue of access to affordable homeownership. By expanding our footprint to the Austin market, we seek to alleviate some of these issues through our value-rich, entry-level homes.”

The Company has purchased approximately 383 acres of land in Elgin, Texas, 25 miles northeast of Downtown Austin, for the development of its first Austin-area community, Trinity Ranch. The neighborhood will be developed as a 50-50 joint development with one of the largest public homebuilders in the country.

The 1,700+ home community will feature a primary amenity center, pocket parks, walking trails, and natural greenbelts. Trophy Signature Homes will have 850 homesites with lot widths ranging from 40 to 50 feet.

Construction of the homes is currently slated to start by early 2023, and Green Brick Partners anticipates opening for sales in the spring of 2023. The Company is also pursuing other expansion opportunities in Austin.

About Green Brick Partners, Inc.
Green Brick Partners, Inc. is Fortune Magazine’s 2021 fastest growing public homebuilder and land developer in the United States. The Company 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.

Media Contact:
Shalott Cecchini
Director of Marketing
scecchini@greenbrickpartners.com

 

FAQ

What is the significance of Green Brick Partners' expansion into Austin?

Green Brick Partners is addressing the demand for entry-level homes in Austin, a rapidly growing market.

When will construction start for the new community in Austin by Green Brick Partners?

Construction is expected to start in early 2023.

How many homes will be built in the Trinity Ranch community?

The Trinity Ranch community will feature over 1,700 homes.

What is the projected timeline for sales at the new Austin community?

Sales are anticipated to open in spring 2023.

Which brand will Green Brick use for its Austin market homes?

Green Brick will use its Trophy Signature Homes brand for the Austin market.