Collaboration Increases Builder’s Presence in Metro Area
ATLANTA--(BUSINESS WIRE)--Nov. 9, 2009--
Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com)
today announced that it has been chosen by Hearthstone, America's
preeminent investor in residential development, to build and market
homes on 462 home sites in six existing new home communities across the
Metro Atlanta area. The collaboration significantly increases Beazer’s
footprint in the Atlanta market, which also serves as the headquarters
for the top-10 national homebuilder.
“This is a tremendous opportunity for Beazer Homes to expand its
presence in our hometown of Atlanta,” said Ian McCarthy, president and
chief executive officer of Beazer Homes. “Beazer Homes and Hearthstone
have shared a strong business relationship for many years, involving
numerous successful new home communities across the country. We are
pleased to once again partner with Hearthstone in this win-win endeavor
that will both bolster our local presence and enable Hearthstone to
realize more value on their investment.”
“As a leading national homebuilder with strong ties to the area and as a
long-time and trusted business partner to Hearthstone, Beazer Homes
brings a unique level of expertise and commitment that ensures the
successful completion of these communities,” said Mark Porath, president
of Hearthstone.
As part of the strategic partnership, Beazer Homes will manage all
aspects of the construction, sales and marketing, and customer care for
the new homes built on the 462 home sites owned by Hearthstone. Prices
for the finished homes will range from the high $100,000s to the high
$300,000s, depending on location.
The home sites include both townhome and single-family sites and are
located in six different communities in various stages of completion.
The community locations include Westchase Commons and The Lakes at
Sugarloaf in Gwinnett County, The Gates at John’s Creek in Fulton
County, Thorngate and Olde Union Preserve in Forsyth County and
Cobblestone Creek in Cobb County.
According to Kevin Clark, president of Beazer’s Atlanta Division, his
team will be meeting with existing homeowners in these six communities
over the coming weeks to share plans for the sale and construction of
new homes within each community.
“Our goal is to keep the current residents apprised of our plans
throughout the process,” said Clark. “Empty or undeveloped lots have
become a cause for concern for some of these residents and we want to
assure them that Beazer Homes and Hearthstone have a plan and the
resources to complete the build out of their community.”
About Beazer Homes
Beazer Homes USA, Inc., headquartered in Atlanta, is one of the
country’s ten largest single-family homebuilders operating in Arizona,
California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, New
Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina,
Tennessee, Texas, and Virginia. Beazer Homes is listed on the New York
Stock Exchange under the ticker symbol “BZH.” For more information,
visit Beazer.com.
About Hearthstone
Since its inception in 1992, Hearthstone has become a national leader in
investing in single-family homebuilding and residential land development
projects across the country. Hearthstone has funded and managed over $12
billion in investments consisting of the construction of over 111,000
homes and residential lots in 460 communities in 20 states with over 40
builders. Hearthstone’s investments have consisted of single-family
subdivisions, condominium and townhouse developments, condominium
conversions, master planned communities, un-entitled land projects and
mixed-use communities.
Source: Beazer Homes USA, Inc.
Beazer Homes:
Mandy Brooks, 770-829-3755
or
Leslie
Kratcoski, 770-829-3764
or
Hearthstone:
Mark Porath,
818-385-3541