31 March . 2015
Newland Communities | NASH acquires four new communities that Newland will develop.
Greenwich, CT – WHEELOCK STREET CAPITAL, LLC announced today it has sold the remaining land assets in four master-planned communities to NORTH AMERICA SEKISUI HOUSE, LLC (NASH), the U.S. business operations unit and a full subsidiary of SEKISUI HOUSE, LTD., Japan's largest homebuilder and a leading diversified developer. Newland, the development business of American Newland Communities, LLC. will join NASH in developing the communities, building on their strong history of success. The transaction was a significant one, representing some of the best-positioned communities in their respective markets.
Located in Texas and Colorado, the communities include more than 3,400 remaining acres that comprise entitled development potential for more than 4,600 single-family lots and 125 commercial acres. Terms of the transaction were not disclosed.
Two of the communities are located in the Denver metro area—Anthem Colorado in Broomfield and Inspiration Colorado in northern Douglas County. The Texas properties included in the transaction include Sweetwater in Austin and Canyon Falls, in the Dallas-Fort Worth area. Approximately 2,300 homes have already been sold in these communities, representing some of the most successful master-planned communities in their respective markets.
“Though we had not planned to sell these assets, NASH and Newland recognized the value our Wheelock Communities development team has created, and the potential that remains,” said Dan Green, Wheelock principal and head of land acquisition. “The combination of their focus and expertise provides a great recipe for continued value creation and success for these communities.” Wheelock’s residential land portfolio includes communities in Texas, Florida, California, Colorado, and North Carolina, as well as the Atlanta-based homebuilder John Wieland Homes and Neighborhoods.
Satoshi Yoshimura, President and Chief Operating Officer for NASH said of the transaction, “These assets allow us to expand our footprint in strategic markets that we believe are among the best in the U.S. We see tremendous growth potential in the markets and for the communities.” NASH and Newland develop and manage a portfolio of more than 30 active communities coast-to-coast. “Our team is ready to continue what has begun, and create great places people are proud to call home,” said Ted Nelson, Newland’s Central Region President, who will oversee the four communities for Newland.