Lennar Buys 42.2 acres in North Carolina

Stratford Land announced that it recently sold the land at the Waterstone development.

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Stratford Land announced that it recently sold 42.2 acres at the Waterstone development to Lennar Corporation.

Waterstone is a 313 acre mixed-use, master-planned community located within the Hillsborough, N.C. town limits, just east of the junction of interstates 40 and 85 and encompasses both the UNC Health Care Hillsborough Campus and Durham Technical Community College Orange County Campus.

“Stratford is pleased to have Lennar, one of the most recognized builders in the nation for both size and financial strength, building its flagship townhome community in Waterstone,” said David Moore, senior investment manager of the southeastern U. S. for Stratford Land in a press release. “Hillsborough is recognized as one of the fastest growing areas in the greater Triangle region and an area that boasts historic significance, as well as, top notch schools, innovative medical facilities and a bustling tourism industry.”

Lennar plans to build 200 townhomes which will be Energy Star 3.0 certified with three-bedrooms, one or two-car garages and many of the homes will have a spacious loft area in addition to the traditional living room space.

When fully built, Waterstone will be home to more than 823 residential units in two communities. In addition, there is land available for approximately 580,000 square feet of prime commercial space.

Karl Hudson, of CNL Foundry, represented Stratford Land.

About the Author

Les Shaver

Les Shaver is a former deputy editor for the residential construction group. He has more than a decade's experience covering multifamily and single-family housing.

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