Global alternative investment firm Värde Partners and David Weekley Homes—No. 18 on the 2023 Builder 100—have created a joint venture to land bank residential communities for the home builder across the nation.
The land banking facility, provided by Värde, offers significant capacity to acquire and develop residential lots in high-demand U.S. markets, such as Phoenix; Atlanta; Charlotte, North Carolina; and Orlando and Tampa, Florida. David Weekley Homes will manage the sourcing and land development.
“We are pleased to formalize this new relationship with Värde, which will support our company’s growth goals and align with our longstanding asset-light strategy,” says Heather Humphrey, chief financial officer at David Weekley Homes. “The firm’s extensive experience investing in residential land development and reputation within the market made them a great partner for this venture. We are excited to have established this facility and look forward to an enduring partnership.”
In conjunction with the announcement, the joint venture has closed on two projects in Phoenix, totaling over $100 million of project costs, and plans to expand the partnership with a pipeline of deals projected to close over the coming months.
“Värde's vast experience in U.S. housing and land development positions us as a valuable partner and provider of capital to home builders,” says Brendan Bosman, a senior managing director at Värde Partners. “David Weekley Homes is a preferred home builder in several master-planned communities in which Värde invests and has a reputation for operating with integrity and delivering high-quality homes. We are excited to embark on this partnership with them.”
With 30 years of experience investing in real estate credit and assets with deep expertise across all major asset classes, Värde’s investments in U.S. residential real estate and home building include strategic land banking partnerships and a portfolio of master-planned communities.
