Stanley Martin Contact Name: Randy Kotler, CFO Tel: 703-964-5025, Email: KotlerRL@StanleyMartin.com
Reston, VA October 26, 2016. Daiwa House Group announced today that its Daiwa House USA subsidiary has entered into an agreement to acquire 82% of the member interests in Stanley-Martin Communities, LLC. The transaction is expected to close in December 2016.
Stanley Martin has been building in the Washington D.C. metropolitan area for 50 years. It is a leading builder in the metro Washington D.C., Richmond, Charlottesville, and Raleigh housing markets. For the twelve months ending September 30, 2016, Stanley Martin had total revenues of approximately $500 million. For the same period, Stanley Martin's homebuilding operations had 902 home sales and 821 home closings, and as of September 30, 2016, had 8,700 lots owned or optioned.
Stanley Martin also owns a majority interest in First Heritage Mortgage and First Excel Title. First Heritage Mortgage is an independent mortgage banker which closed $1.2 billion in home mortgages for the twelve months ending September 30, 2016. First Excel Title is in the title insurance and settlement services business in the Washington D.C. metropolitan area and closed 1,252 transactions for the twelve months ending September 30, 2016.