Mountain Real Estate Capital Invests Over $100 Million in Oakwood Homes Partnership
- Mar 06, 2013
By Gabriel Circiog, Associate Editor
Mountain Real Estate Capital, a Charlotte, N.C.-based residential real estate investment firm, recently announced it has entered into a strategic partnership with Colorado-based Oakwood Homes. The transaction, exceeding $100 million, will see Mountain Real Estate Capital provide Oakwood Homes strategic equity capital to accelerate its growth and expand into new markets. The Colorado homebuilding company plans to expand not only within Colorado but in other regions as well, including the Omaha market.
Peter Fioretti, chairman and CEO of Mountain Real Estate Capital, said: “Oakwood has clearly developed a competitive edge in their marketplace and continued to reinvent themselves with superior product and market positions during the downturn. Together, we will be positioned to now take advantage of the growing market opportunities throughout the Midwest and Western markets.”
Back in June 2012, Mountain Real Estate Group and Oakwood Homes jointly acquired the 2,600-acre, 8,500-lot master-planned community Banning Lewis Ranch in Colorado Springs. The acquisition led to close talks between the two parties, which in turn served as the foundation of this new partnership.
Pat Hamill, Oakwood’s founder, will continue as chairman, CEO and general partner of the venture. The partnership will initially include nine communities, a lot inventory of 7,100 home sites, a 348-backlog of sold homes, 200 homes under construction and a projection of over 600 units to be sold in 2013.
Hamill, talking about the new partnership, said: “This partnership not only delivers a capital infusion; it sets the stage for us to take advantage of market demand and expansion opportunities with greater flexibility than others in the industry.”
Logo Courtesy of: www.mountainfunding.com
Image Courtesy of: www.banninglewisranch.com
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