Wheelock Street Capital announced yesterday that it has purchased a 316-acre tract called Jordan Pointe in the Raleigh-Durham, N.C.-area, from NVR, and will team up with its Carolinas development partner JPM South Development to market lots for 440 homes back to NV and Ryan Homes.

Here's the way the press statement reads:

Wheelock Street Capital announced today it has acquired the 316-acre master-planned community of Jordan Pointe in Apex, North Carolina, from NVR, Inc., the parent company of NVHomes and Ryan Homes. The single-family development is approved for 440 residences, all of which will be built by NV and Ryan.
Jordan Pointe will be developed and marketed by Wheelock Communities and its local development partner, JPM South Development. Since 2011 the partnership has been developing Traditions, a 700-home community in nearby Wake Forest, North Carolina.
"We're proud to expand our investment in the Triangle market with a second high-quality community that's well located in the path of job growth,” JPM South principal John P. Myers. “The property is within 30 minutes of the region’s major employment centers—Research Triangle Park, UNC, Duke and downtown Raleigh.”
Jordan Pointe is located on the western boundary of the Town of Apex, known for its historic downtown and ranked the #9 Best Place to Live in America by CNN/Money in 2013.
Planned amenities include a junior Olympic pool, cabana, ball fields, gazebo and walking trails. Home sales are expected to begin in late 2015, with a broad range of prices and home sizes.

On the surface, the deal squares with NVR's longstanding aversion to owning and developing lots, as it has become an almost unequaled master at realizing and sustaining profitability from its home building, marketing and sales operations rather than from real estate speculation.

The combination here also suggests a deeper, more important role for capital players and fund leaders who sport specific material expertise in residential land acquisition and development, particularly those who are skilled at understanding the constant opening and shutting of windows of opportunity, price elasticity, invested money put in place, and, above all, timing. Intricacies that go with a slow, sometimes sputtering housing market recovery involve gamesmanship along the lines of options, puts, and calls in the stock market, as the valuation chain strengthens and weakens, depending on demand trends, supply constraints, and any number of local, national, financial, and psychic events and intrusions.

Wheelock, since the earliest post-downturn days, brought a strategy to market that focuses not so much on distress in the seller as in opportunity among buyers. This deal, which partners the company with one of the toughest but most consistent buyers of lots in the Middle Atlantic, both iterates and presages more deals that pair established, well-capitalized home builders with financial partners who profit by taking land assets off the balance sheets of the operators, and meter the lot sales to a mutual upside.

Learn more about markets featured in this article: Durham, NC, Raleigh, NC.