A Charlotte-based single-family residential developer has spent $4.6 million to purchase a 10.65-acre tract off South Stratford Road that represents its third major community in Forsyth County.
A Lennar affiliate acquired 65 lots in Phase II of the Hillcrest subdivision. The lots are off Fall Hills, Eagle Creek and Autumn Mist drives, according to the Forsyth County Tax Parcel viewer. Lennar has posted on its website initial plans for Hillcrest, a “low-maintenance living” townhome community at 3155 Fall Hills Drive.
Part of the property is on the former Hillcrest Golf Club site. Lennar Carolinas is an affiliate of Lennar, based in Miami. Lennar is one of the nation's leading builders of homes ranging from first-time homebuyers to luxury active adult communities.
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Lennar could not be immediately reached for comment on the acquisition of the Hillcrest lots. It is the second residential real-estate transaction this year involving a Lennar affiliate and the seller, Trilogy Investment Co. of Alpharetta, Ga.
Trilogy's forte is build-to-rent residential developments. Trilogy has developed the property into ready-to-go lots. “This partnership will continue to grow as the market, which is showing signs of strengthening, presents more opportunities for us," said Jason Joseph, Trilogy's chief executive and managing partner, in a statement.
"This successful transaction underscores how we capitalize on its investments, while supporting the growth of quality.
