PLANO, TX--(Marketwired - April 06, 2016) - Plano-based Green Brick Partners, Inc. (NASDAQ: GRBK) has acquired land in two separate transactions in the metro Atlanta area for the construction of 153 single family homes and townhomes with a build out value of approximately $75 million. The homes will be constructed and offered for sale by The Providence Group of Georgia, a subsidiary of Green Brick Partners.
At Academy Street in Alpharetta, the Company acquired 10.4 acres for the construction of a mix of 83 single-family and townhome units. This neighborhood is located in the heart of downtown Alpharetta directly across the street from the newly developed City Center and City Hall. The central location is walkable to shopping, dining and entertainment venues in downtown Alpharetta and is adjacent to Brooke Street Park, a 5-acre public park. Pricing for the single-family homes is expected to be from the $590's while pricing for townhomes is expected to be from the $450's.
Warren Jolly, President of The Providence Group, said, "At Academy Street, The Providence Group will offer a diverse selection of homes in this highly desirable neighborhood within walking distance to the numerous restaurants and shopping in thriving historic downtown Alpharetta."
At Suwanee Station in Suwanee, the Company acquired 6.4 acres for the construction of 70 townhomes with pricing expected from the $260's. The community is located in the Peachtree Ridge School Cluster in western Gwinnett County on Peachtree Industrial Boulevard between Sugarloaf Parkway and McGinnis Ferry Road.
James R. Brickman, CEO of Green Brick Partners added, "This is another winning example where Green Brick will provide development and construction funding for The Providence Group, our largest Team Builder and one of the leading builders in Georgia."
Home construction is anticipated to begin in December, 2016 at Academy Street in Alpharetta and October, 2016 at Suwanee Station.
About Green Brick Partners:
Green Brick Partners (NASDAQ: GRBK) is a uniquely structured company that combines residential land development and homebuilding. The Company acquires and develops land, provides land and construction financing to its controlled builders and participates in the profits of its controlled builders. The Company owns a controlling interest in four homebuilding companies in Dallas, Texas (CB JENI Homes LLC, Normandy Homes (a division of CB JENI), Southgate Homes LLC and Centre Living Homes LLC), as well as a leading homebuilder in Atlanta, Georgia (The Providence Group of Georgia LLC). The Company is engaged in all aspects of the homebuilding process, including land acquisition and the development, entitlements, design, construction, marketing and sales at its residential neighborhoods and master planned communities. The company currently controls approximately 4,700 prime home sites in high-growth submarkets throughout the Dallas and Atlanta metropolitan areas. For more information about the Company and its new home developments, please visit the Company's website at www.greenbrickpartners.com.
About The Providence Group:
The Providence Group of Georgia LLC was ranked the No. 7 largest builder in Atlanta by the Atlanta Business Chronicle in August 2015, and No. 95 on the Builder 100 list announced by BUILDER Magazine in May 2014. The Providence Group is a subsidiary of Green Brick Partners (NASDAQ: GRBK). For more information about The Providence Group and its commitment to Luxury Living by Design, visit www.theprovidencegroup.com.