Green Brick Partners, Inc. Announces New Land Acquisition in Vero Beach, FL

Rhea-AI Summary

Green Brick Partners, Inc. has purchased 78 homes sites in Grand Harbor, Vero Beach. The company expects attractive returns and gross margins due to low inventory and limited competition. Homes will be priced from $1.5 to $2.5 million.

Positive

• Green Brick expects attractive returns and gross margins due to low inventory and limited competition.
• Homes will be priced from $1.5 to $2.5 million.

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• None.

PLANO, Texas, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (NYSE: GRBK) (the “Company” or “Green Brick”), one of Fortune Magazine’s fastest growing companies in 2022 and its fastest growing public homebuilder, announced that the Company has purchased 78 homes sites in Grand Harbor, a longstanding master-planned community in Vero Beach known for its beautiful waterfront homes and golf courses. Vero Beach is about 80 miles north of Palm Beach, FL and is an important city in the Treasure Coast area. The city features peaceful beaches and is one of the most desirable areas to live in Florida.

GHO Homes, one of Green Brick’s subsidiary homebuilders, has been building new homes in South Florida for more than two decades, with a focus on Florida’s Treasure Coast throughout Sebastian, Vero Beach, Fort Pierce, and Port St. Lucie.

“Grand Harbor, which is seeing a resurgence under the new leadership of the residents in the community and the Country Club, has long been one of the most sought-after locations for retirees and vacation home buyers,” said Bill Handler, President of GHO Homes. “The lifestyle offered is extraordinary. Warm climate and a wealth of scenic natural beauty, outdoor activities and cultural offerings attract an abundance of demand in the area. Due to low existing home inventory and limited competition from other new home builders, the Company expects to generate attractive returns and gross margins in this community.” This community, along with the Falls in Grand Harbor which GHO purchased a few years ago, represent the last remaining new home opportunities in this storied Country Club community.

GHO Homes will be offering higher-end homes with waterfront and golf course views priced from $1.5 to $2.5 million. Models will range in size up to 3,500 square feet, with two or three-car garages. Construction of the homes is currently slated to start at the end of 2023, and the Company anticipates opening for sales in October 2023.

About Green Brick Partners, Inc.
Green Brick Partners, Inc. is a diversified homebuilding and land development company that operates in Texas, Georgia, and Florida and has a non-controlling interest in a Colorado homebuilder. Green Brick owns five subsidiary homebuilders in 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 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.

About GHO Homes
GHO Homes has been building homes for more than two decades, focusing on communities on Florida’s Treasure Coast. In addition to offering single-family and patio homes, GHO Homes also builds their award-winning homes on individual homesites through their Build On Your Lot Program. All GHO Homes utilize time-tested quality materials and methods, the latest design features, finishes, and energy efficient components. GHO Homes has continued to raise the bar through the creation of the GHO Tailor-Made program. This program sets GHO apart from its competitors by allowing homebuyers to customize their homes with numerous plan options, built-ins, and upgrades that result in custom, one-of-a-kind homes at an outstanding value.

Green Brick Partners Contact:  
Benting Hu
Vice President of Finance
469-573-6755
IR@greenbrickpartners.com

GHO Homes Contact:
Bill Handler
President of GHO Homes
561-719-4410
billh@ghohomes.com