PHOENIX--(BUSINESS WIRE)--Builder
Capital, LLC (“Builder Capital”) announced today the acquisition of
67 acres in Phoenix, AZ (the “Property”) pursuant to a rolling lot
option contract with Garrett
Walker Homes (“Garrett Walker”). Builder Capital acquired the
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Property through a strategic partnership with affiliates of 400
Capital Management (“400 Capital”) formed to provide capital to
production homebuilders for the acquisition and development of single
family residential lots nationwide.
The Property is located near the southeast corner of 107th Avenue and
West Lower Buckeye Road in Phoenix, AZ and is approved for 283 single
family lots. Garrett Walker will improve and acquire the lots from
Builder Capital on a rolling lot option basis. Projected to open in
spring 2019, the Property will be named Park Forest and feature Garrett
Walker’s 35’ & 45’ wide home series ranging from 1,316 to 3,188 square
feet.
“This acquisition is a good example of Garrett Walker’s continued
pursuit of land opportunities in value-driven locations where consumers
want to live,” said Diana Fry, Marketing Manager for Garrett Walker.
“Garrett Walker Homes is excited about the opportunity to develop a land
banking relationship with a well-capitalized partner that has
significant local market and home building expertise.”
“Builder Capital is thrilled to start the partnership with 400 Capital
with a quality builder as Garrett Walker Homes. Builder Capital is
actively looking for new acquisitions nationwide,” said Bill Southworth,
Managing Director of Builder Capital.
“We are excited to partner with Bill Southworth and the experience of
the Builder Capital team,” said Chris Hentemann, Managing Partner and
Chief Investment Officer of 400 Capital. “This opportunity provides
400CM with the ability to deliver private credit solutions to a targeted
niche of the recovering U.S. residential housing and lending market that
remains underserved by traditional credit providers.”
James T. 'Nate' Nathan, Dave G. Mullard and Casey S. Christensen of
Nathan & Associates represented the seller, Fanfol Properties
Corporation, in the transaction.
About Builder Capital, LLC
Builder Capital was formed in 2017, with the mission to provide capital
for finished lot inventory to production homebuilders. The Builder
Capital team has established relationships with production homebuilders
throughout the U.S. and over the last 20 years has provided over $1
billion in funding for the acquisition and development of more than
22,000 residential lots across 200 projects.
About 400 Capital Management
400 Capital Management ("400CM" or the "Firm") was founded in 2008 by
credit market veteran Chris Hentemann. The team has been investing and
trading in structured credit markets for over 23 years on average. The
Firm offers investors access to securitized and structured credit
strategies across its fund and managed account platform, including
multi-sector and single-sector investment strategies, enabling investors
to take advantage of the wide range of risk and return profiles
available within the credit markets. The Firm's funds and separate
accounts are managed for a global investor base, which includes without
limitation, U.S. and non U.S. public and private pension plans,
endowments, foundations, insurance groups, family offices, qualified
high net worth individuals and consultants. 400CM and has offices
located in New York City and London, and currently manages over $1.8
billion. The Firm is registered with the U.S. Securities and Exchange
Commission as an investment adviser.
About Garrett Walker Homes
With nearly 100 years of combined experience in the state of Arizona,
Garrett Walker Homes has been building new homes with family-friendly
floor plans, value, and quality construction. Each project is carefully
reviewed for location, affordability and lasting value. Garrett Walker
Homes strives to utilize Arizona-based craftsman; the money spent on a
Garrett Walker home stays in Arizona, aiding the local economy. Since
2013, Garrett Walker Homes has constructed and closed over 800 homes, in
over 25 communities within the Phoenix and Prescott areas.