CHARLOTTE, N.C. & SALT LAKE CITY--(BUSINESS WIRE)--
Peter Fioretti, CEO of Mountain Real Estate Capital (Mountain), and Pat Hamill, CEO of Oakwood Homes (Oakwood), have announced the acquisition of Henry Walker Homes for continued expansion in the northern Utah market. The acquisition of Henry Walker Homes included assets that were valued at more than $75 million, primarily located in the Salt Lake City housing market.
Mountain is one of the leading private equity companies in the U.S. that has been specializing in the for sale residential market with both land developers and home builders for over 20 years.
Oakwood is Colorado’s largest private homebuilder. It recently entered the Utah market and became a great alternative for Henry Walker Homes, who was seeking a new capital partner with a similar organizational culture. A partnership between Mountain and Värde Partners provided the capital to Oakwood to complete this acquisition. Oakwood currently operates in the Colorado Front Range, including the Denver metro area and Colorado Springs; Omaha, Nebraska; and northern Utah.
“When presented with the opportunity to acquire Henry Walker Homes, we were immediately intrigued,” Hamill said. “We were expanding into Salt Lake City, and Henry Walker is already established in Utah with a solid reputation in the area.”
The acquisition will provide Oakwood with 1,300 lots across 42 communities located primarily in the Salt Lake City metro area.
“This opportunity allows us to capitalize on our strong capital foundation with Mountain Real Estate Capital and Värde Partners, and leverage our efficient building practices towards our vision of being the best homebuilder in America,” said Hamill.
Mountain and Värde began providing strategic capital for Oakwood in 2012 in a joint partnership to acquire Banning Lewis Ranch and then became partners in the home building operations in 2013.
The acquisition will allow Oakwood to accelerate their expansion into Salt Lake City. Given their internal growth coupled with this acquisition, Oakwood intends to close over 1,100 homes in 2014, which would make them one of the largest private home builders in the U.S.
“We continue to be very excited about our partnership with Oakwood and the future direction of their company,” added Fioretti. “Pat and his team continue to execute our strategic plan very successfully.”
About Mountain Real Estate Capital and Värde Partners
Since 1993, Mountain Real Estate Capital (MREC) has been a leading private equity source for real estate developers and builders across the country. Värde Partners, Inc. is an $8.2 billion global alternative investment firm that invests across a spectrum of investments, including real estate. For almost 20 years the two organizations have partnered together on various real estate investments. Since 2010, the MREC/Värde partnership and their local partners have acquired more than 43,000 lots/homes and another 9,000 developable acres, deploying over $800 million in equity investment. Collectively, they have partnerships with 20 best-in-class developers and builders, closing deals in 20 states. (www.mrec.com) (http://varde.com/)
About Oakwood Homes
Oakwood Homes is Colorado’s largest privately held hometown builder and is dedicated to providing the best new-home value in the marketplace. Patrick H. Hamill owns the company in partnership with Mountain Real Estate Capital and Värde Partners. The company has been serving Colorado communities for over 20 years, surpassing 10,000 satisfied households to date. (www.oakwoodhomesco.com)
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