Stanley Martin Homes Finalizes Acquisition of FrontDoor Communities Assets
Builder secures growth in Atlanta and Charleston markets
ATLANTA - Reston, Virginia based Stanley Martin Companies has completed the acquisition of the homebuilding assets of FrontDoor Communities in Atlanta, Georgia and Charleston, South Carolina. The homebuilding assets acquired include more than 1,300 homesites and more than 150 homes under construction. The acquisition furthers Stanley Martin's plans for expansion and establishes the company as a strong competitor in the Southeast United States homebuilding market.
Stanley Martin Companies enjoyed a tremendously successful 2017 with over 1,000 homes sold in the Metro Washington, D.C., Richmond, Charlottesville and Raleigh markets. Stanley Martin's mortgage subsidiary, First Heritage Mortgage, originated more than $1 billion of home mortgages in the same period. First Heritage will also expand to both Atlanta and Charleston. "The Atlanta housing market is one of the strongest in the U.S. and will be important to our anticipated growth," said Stanley Martin President Steven Alloy. "This transaction blends two fundamentally similar companies. Both strive to provide new homes in sought-after locations that accentuate the surrounding areas with walkability, outdoor living spaces, sought-after community amenities, high-quality construction standards and exceptional customer service."
Atlanta-based FrontDoor Communities has been building in Atlanta and Charleston for 6 years and finished 2017 with 165 home closings and revenues of $97 million. Members of FrontDoor Communities' executive team, including FrontDoor Communities CEO Terry Russell and FrontDoor Communities President and Chief Operating Officer Mike Langella, will join Stanley Martin and continue running the Atlanta and Charleston operations. FrontDoor will begin operating as Stanley Martin Homes in both Atlanta and Charleston.
"Joining Stanley Martin will enable our continued growth and expansion in Atlanta and Charleston and support our commitment to both quality and customer satisfaction," said Russell. "I have known the people at Stanley Martin for many years and have a strong appreciation for the company's proud history and reputation for quality as well as the dedicated professionals in their organization. Our team looks forward to joining a homebuilder that shares the same beliefs regarding the delivery of superior product quality and outstanding service to our customers."
About Stanley Martin Companies
Headquartered in Reston, Virginia, Stanley Martin Homes builds new condominiums, townhomes and single-family homes in Metro Washington D.C., Charlottesville, Richmond and Raleigh. Founded in 1966, it has been building homes and neighborhoods with quality and craftsmanship for more than 50 years. Stanley Martin Companies is majority owned by Daiwa House Group, an international company focused on expanding its global footprint. Daiwa House USA's 2017 purchase of Stanley Martin Homes served as its first United States acquisition. This acquisition furthers the company's investment in the United States.
About FrontDoor Communities
Atlanta-based FrontDoor Communities was established in 2011 by industry veterans Terry Russell and Mike Langella. Terry and Mike have more than 35 years of homebuilding and development experience and before forming FrontDoor they were leaders at the Southeast's largest privately held home builder. FrontDoor Communities is known for expertise in developing master-planned communities in high-growth locations and has won numerous awards for product design and excellence.
Written by Stanley Martin Homes
Submitted on 2/22/2018 Posted in New Homes for Sale in Charlottesville
Category: Morning Room