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Green Brick Partners (GRBK) Buys Land for 78 Homes in Florida
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Amid rebounding demand for commercial real estate, Green Brick Partners, Inc. (GRBK - Free Report) recently concluded the purchase of 78 home sites in the Grand Harbor community in Vero Beach, FL. Vero Beach is situated 80 miles north of Palm Beach, FL, and is an important city in the Treasure Coast area.
Leveraging the low existing home inventory and limited competition from other new home builders, GRBK expects to generate attractive returns and gross margins in this community, making its move seem prudent.
Located in one of the most desirable areas to live in Florida, the longstanding master-planned community boasts beautiful waterfront homes and golf courses. The homes, offered by GHO Homes, one of Green Brick’s subsidiary homebuilders, will range up to 3,500 square feet with two or three-car garages. The price bracket will be between $1.5 million and $2.5 million.
Green Bricks expects to start the construction of the homes by the end of 2023 and commence the sales in October 2023.
Per Bill Handler, president of GHO Homes, “Grand Harbor, which is seeing a resurgence under the new leadership of the residents in the community and the Country Club, has long been one of the most sought-after locations for retirees and vacation home buyers. The lifestyle offered is extraordinary. Warm climate and a wealth of scenic natural beauty, outdoor activities and cultural offerings attract an abundance of demand in the area.”
It may be noted that this community, along with the Falls in Grand Harbor that GHO purchased a few years ago, represents the last remaining new home opportunities in the storied Country Club community.
Green Brick is a publicly-traded, diversified homebuilding and land development company operating in Texas, Georgia and Florida. It is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing and sales for its residential neighborhoods and master-planned communities.
The company specializes in building quality neighborhoods interwoven with the latest technological advancements. GRBK also enjoys several strategic advantages, such as a significant footprint in markets with some of the biggest job growth and best demographics in the United States, superior land and lot pipeline and diversity of its product lines, which bode well for its growth.
Shares of this Zacks Rank #3 (Hold) company have gained 24.2% in the past six months compared with the industry’s growth of 2.4%.
Nonetheless, a cautious investor approach amid macroeconomic uncertainty and a high-interest rate environment is worrisome. Also, increased construction costs amid supply-chain constraints pose concerns for the company.
The Zacks Consensus Estimate for Welltower’s 2023 funds from operations (FFO) per share has been revised marginally upward over the past month to $3.55.
The Zacks Consensus Estimate for Americold Realty Trust’s ongoing year’s FFO per share has been raised marginally over the past month to $1.26.
The Zacks Consensus Estimate for EastGroup Properties’ current-year FFO per share has moved marginally northward over the past two months to $7.63.
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Green Brick Partners (GRBK) Buys Land for 78 Homes in Florida
Amid rebounding demand for commercial real estate, Green Brick Partners, Inc. (GRBK - Free Report) recently concluded the purchase of 78 home sites in the Grand Harbor community in Vero Beach, FL. Vero Beach is situated 80 miles north of Palm Beach, FL, and is an important city in the Treasure Coast area.
Leveraging the low existing home inventory and limited competition from other new home builders, GRBK expects to generate attractive returns and gross margins in this community, making its move seem prudent.
Located in one of the most desirable areas to live in Florida, the longstanding master-planned community boasts beautiful waterfront homes and golf courses. The homes, offered by GHO Homes, one of Green Brick’s subsidiary homebuilders, will range up to 3,500 square feet with two or three-car garages. The price bracket will be between $1.5 million and $2.5 million.
Green Bricks expects to start the construction of the homes by the end of 2023 and commence the sales in October 2023.
Per Bill Handler, president of GHO Homes, “Grand Harbor, which is seeing a resurgence under the new leadership of the residents in the community and the Country Club, has long been one of the most sought-after locations for retirees and vacation home buyers. The lifestyle offered is extraordinary. Warm climate and a wealth of scenic natural beauty, outdoor activities and cultural offerings attract an abundance of demand in the area.”
It may be noted that this community, along with the Falls in Grand Harbor that GHO purchased a few years ago, represents the last remaining new home opportunities in the storied Country Club community.
Green Brick is a publicly-traded, diversified homebuilding and land development company operating in Texas, Georgia and Florida. It is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing and sales for its residential neighborhoods and master-planned communities.
The company specializes in building quality neighborhoods interwoven with the latest technological advancements. GRBK also enjoys several strategic advantages, such as a significant footprint in markets with some of the biggest job growth and best demographics in the United States, superior land and lot pipeline and diversity of its product lines, which bode well for its growth.
Shares of this Zacks Rank #3 (Hold) company have gained 24.2% in the past six months compared with the industry’s growth of 2.4%.
Nonetheless, a cautious investor approach amid macroeconomic uncertainty and a high-interest rate environment is worrisome. Also, increased construction costs amid supply-chain constraints pose concerns for the company.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader real estate industry are Welltower (WELL - Free Report) , Americold Realty Trust (COLD - Free Report) and EastGroup Properties (EGP - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Welltower’s 2023 funds from operations (FFO) per share has been revised marginally upward over the past month to $3.55.
The Zacks Consensus Estimate for Americold Realty Trust’s ongoing year’s FFO per share has been raised marginally over the past month to $1.26.
The Zacks Consensus Estimate for EastGroup Properties’ current-year FFO per share has moved marginally northward over the past two months to $7.63.