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Wedgewood Homes Expands To Billings, Montana and Purchases 54 Homes from HomeFront, Totaling $13 Million

·3 min read

The Move and Acquisition Is Part of Wedgewood's Strategic Growth and Continued Focus to Put More Housing Inventory Back Into The Marketplace

BILLINGS, Mont. and LOS ANGELES, Sept. 23, 2022 /PRNewswire/ -- Wedgewood Homes, a leading real estate group that revitalizes communities by buying homes in need of repair and returning them to the market, today announced it has expanded into Montana with the purchase of 54 homes, including 51 single-family residences and three duplexes — totaling $13 million. Today's expansion news means that Wedgewood is now offering its services to home sellers and real estate agents in 21 states across the country.

(PRNewsfoto/Wedgewood LLC)
(PRNewsfoto/Wedgewood LLC)

"This purchase from HomeFront allows us to do what we do best," said Jamie Bedner, Senior Vice President of Wedgewood Homes and Maverick Design. "And that's to renovate homes that need repair and/or are sitting vacant and recirculate them back to the market."

Kelsey Palmer and Sheila Larsen of PureWest Real Estate represented Wedgewood Homes on the acquisition of the 54 homes.

"I think the greatest significance for Wedgewood moving into Montana, particularly for Billings, is the importance they place on community," said Palmer.  "From using local agents that understand the market to using local contractors, Wedgewood isn't just another large company trying to move in and change the culture of Montana."

Of the 54 homes purchased, 20 homes were immediately put on the market as-is to provide purchase opportunities for buyers battling supply shortages. Another 20 will be repaired and then sold. The remaining 11 homes and three duplexes will be rental properties for now. Ten of the acquired homes had tenants, all of whom have been offered the option to stay with Wedgewood honoring their respective leases. Wedgewood Homes will employ local vendors and contractors for all of the construction and renovation work.

Unlike institutional investors, which are known for buying, holding, and renting, Wedgewood Homes aims to restore and update the homes it acquires and return them back to the market by partnering with the real estate agent community. Through the buying and selling of thousands of homes last year, Wedgewood Homes contributed over $100 million dollars in gross commissions earned by its agent partners in 2021.

Read more on Wedgewood's blog, here.

Wedgewood Homes, an award-winning, real estate group that operates in 21 states and more than 800 cities across the United States, believes in the value of 'home' and the importance of providing home ownership opportunities. Wedgewood Homes' acquisition, renovation, and resale model utilizes local vendors and services, community real estate professionals, and nearly four decades of experience to revitalize neighborhoods, one home at a time.  Employing a sustainable and strategic design approach, Wedgewood Homes specializes in restoring homes and placing them back on the market, providing new homeownership opportunities for thousands. Wedgewood, the parent company of Wedgewood homes, has been in business since 1985. Find Wedgewood and Wedgewood Homes online at www.wedgewood-inc.com and www.wedgewoodhomes.com.

CONTACT: 
Wicked+
Alicia Mistry
alicia@wicked.is 

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SOURCE Wedgewood LLC