Landeavor, LLC on Thursday said it had purchased Great Sky, a 475-acre master planned community in Canton, Ga., in the foothills of the Blue Ridge Mountains near I-575. The seller was DB Aster III, LLC. Terms were not disclosed.
Fischer Homes, based in Kentucky, is the only active builder at the site. Representatives of both Fischer Homes and Landeavor told BUILDER that Fischer will continue building at the site.
“We are excited about Landeavor’s acquisition of Great Sky and look forward to their investment in the community,” said Tim McMahon, president and COO for Fischer Homes. “The Atlanta market continues to see strong demand, and Great Sky will play an important role in our expansion in the region. Our portfolio of home designs are a great fit with community, and we plan to broaden our product offerings in Great Sky going forward.”
The purchase is the 11th acquisition for Landeavor and its second in the Atlanta area in the last eight months.
“Great Sky fits all our parameters for our second investment in the Atlanta market,” said David Frame, managing principal of Landeavor. “It’s in a rapidly emerging growth corridor, easy access to north-south transportation, with modern services nearby, including the new Northside Hospital.”
Great Sky is partially developed with 450 occupied homes. Landeavor’s purchase includes vacant developed lots, undeveloped parcels and the community’s HOA amenity and open space.
“The Atlanta housing and job metrics remain solid and support our desire to continue to grow our portfolio in the market,” Frame said. “We want to expand in the Southeast and Texas and feel there’s a strong upside and investment potential in Atlanta.”
Landeavor plans to expand the housing inventory in the community by adding builders and housing products. “Our first priority is to expand the builder mix and diversify prices and products,” Frame said. “We’ve already had several discussions with builders and are confident we will settle a deal quickly.”
In addition to expanding the housing stock, Landeavor plans to develop the remaining residential and commercial parcels.
Great Sky borders the Hickory Log Creek Reservoir, a 411-acre reservoir formed by damming Hickory Creek in 2007. A sizable percentage of the reservoir’s 15 miles of shoreline fall within Great Sky.
Fischer Homes, meanwhile, has been on a tear. The builder increased sales by 40% in the first quarter of 2017 versus first quarter of 2016 in terms of homes sold and revenue. Sales in the first quarter of 2017 were 528 homes versus 378 homes in first quarter of 2016. Strong demand coupled with new communities and a record number of new models opening contributed to a record quarter.
“All of our regional operations experienced tremendous growth in the first quarter of 2017. We have positioned the company for increased demand; focusing on growing our team, expanding our land position and assuring the best portfolio of home designs”, said Fischer’s McMahon. “The market has certainly responded.”
Fischer Homes has been investing in land and operations to meet upcoming demand within its regions. In addition to its base in the Cincinnati/Northern Kentucky market, Fischer also is active in Columbus, Ohio and Indianapolis, Indiana and is growing quickly since its most recent expansion, when, in 2012 Fischer Homes entered the Atlanta, Georgia market.
More than 55 new associates were added to the Fischer Homes team since the start of the year, bringing the total employment to over 450 associates across all regions.
