ATLANTA - (Business Wire) 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.
Beazer Homes:
Mandy Brooks, 770-829-3755
or
Leslie Kratcoski, 770-829-3764
or
Hearthstone:
Mark Porath, 818-385-3541
