PLANO, Texas, May 27, 2021 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (NASDAQ: GRBK) (“Green Brick”) today announced the acquisition and development of ten communities across Dallas-Fort Worth, Texas, and Atlanta, Georgia for over 6,000 homes.
“We are continuing to see record-demand for homes and in an effort to keep up with demand we have closed on over 5,700 homesites in the Dallas-Fort Worth metroplex, and in excess of 300 in the Atlanta Metropolitan Area,” said Jed Dolson, Chief Operating Officer and Executive Vice President of Green Brick Partners. “We are working quickly to remedy the low supply of new homes in our core markets. We believe that our proven ability to create an exceptional lot pipeline is a strategic advantage in a market like this where lots are in very low supply.”
The ten new neighborhoods will feature homes from Green Brick Partners subsidiary builders Trophy Signature Homes, CB JENI Homes, Southgate Homes, Centre Living homes, and Normandy Homes in Texas, as well as The Providence Group in Georgia.
“Housing demand continues to far exceed supply due to historically low existing inventory and very high demand for energy-efficient new homes in superior school districts like we build,” said Jim Brickman, Chief Executive Officer and Co-Founder of Green Brick Partners. “The 2,458 new homes we currently have under construction is by far the largest in the history of our company, and we are continuously optimizing our processes to improve cycle times. With the recent addition of Jack Wilkins as our Director of National Purchasing, we are working hard to overcome the supply chain bottlenecks that all homebuilders are experiencing.”
In Texas, the communities will be located in the cities of Frisco, Allen, McKinney, Forney, Princeton, Grand Prairie, and Waxahachie. In Georgia, the communities will be located in the cities of Alpharetta and Sugar Hill.
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 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.
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. Forward-looking statements in this press release include statements regarding (i) the Company’s strategies for development of new and existing communities, (ii) the number of new homes that will be provided from the land acquisition. These forward-looking statements involve estimates and assumptions which may be affected by risks and uncertainties in the Company’s business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any of these forward-looking statements. These risks include, but are not limited to: (1) adverse impacts from general economic conditions, including as a result of the COVID-19 pandemic and the responsive actions taken by federal, state and local public health and governmental authorities, (2) competition in the homebuilding industry; (3) changes in consumer price sensitivity or decreased demand for the Company’s homes or finished lots; (4) availability and cost of labor and raw materials; (5) a failure to recruit, retain or develop highly skilled and competent employees; (6) an inability to develop or sell communities; (7) government regulation risks, including zoning and density regulations; (8) a lack of availability or volatility of mortgage financing; (9) severe weather events or natural disasters; (10) difficulty in obtaining sufficient capital to fund the development of these communities at commercial rates or at all; and (11) poor relations with community residents.;. For a more detailed discussion of these and other risks and uncertainties applicable to the Company please see the Company’s Annual Report on Form 10-K and the Company’s Quarterly Report on Form 10-Q for the period ended March 31st, 2021 filed with the Securities and Exchange Commission.