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Virginia-based Stanley Martin Homes acquires Avex Homes

Stanley Martin announced today that it has entered into an agreement to acquire all the homebuilding assets and operations of Avex Homes in Central Florida.

The homebuilding assets include over 300 homes currently under construction and more than 4,400 controlled lots in the Orlando, Tampa, and Daytona markets. The transaction is expected to close in September 2021.

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In 2021, the Reston, Virginia company was named National Builder of the Year by Builder Magazine. Stanley Martin operates in the Southeast in the following metro areas: Atlanta, GA; Augusta GA; Aiken SC; Charleston, SC; Columbia, SC; Greenville/Spartanburg, SC; Charlotte, NC; Raleigh, NC; Wilmington, NC; Charlottesville, VA; Richmond, VA; and the Washington D.C. Metro Area.

“We have strategically been working to enter the Florida market for several years,” President Steve Alloy said in a prepared statement. “When we first met the leaders of Avex Homes, we immediately recognized what a great fit they would be with Stanley Martin. We had shared values and a shared commitment to customers, and we both had a strong focus on quality. I am thrilled to have the Avex Homes team become a part of Stanley Martin.”

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The Orlando-based homebuilder is acquiring 1,150 residential lots in Lake, Polk and Brevard counties, where it will start vertical construction on new homes by spring 2022.

In 2020, Stanley Martin sold 3,907 new homes and delivered 3,285 new homes, resulting in $1.4 billion in homebuilding revenues and $1.5 billion in total revenues. Since 2017, Stanley Martin has been part of the Daiwa House Group. Daiwa House is headquartered in Japan and is one of the largest housing, construction, and real estate companies in the world.

Avex President Eric Marks told GrowthSpotter the entire Avex team will remain and operate as Stanley Martin, and the company expects to be hiring new staff to accommodate the company’s expansion in the Tampa market and along the I-95 corridor into Jacksonville and as far south as Vero Beach. Marks will be named division president for the Orlando market.

“Because of the backing of Daiwa House, it gives us the opportunity to make significant investments in land,” he said. “We’ll be announcing another large transaction in a couple of weeks.”

Avex recently partnered with Sun Terra Communities and Jen Partners on a $60 million land-banking portfolio deal in Lake, Polk and Brevard counties. Marks said Stanley Martin would buy out the position as a part of the Avex acquisition.

The deal also provides the Florida builder with access to Stanley Martin’s extensive library of successful floorplans and home designs, Marks noted.

Beat Kahli, the Chief Executive Officer of Sitex Properties USA, Inc., the largest shareholder of Avex Homes said, “we selected Stanley Martin as our acquisition partner among many compelling offers because of its track record of successful acquisitions, experienced leadership, and strong financial performance.”

In 2020, Stanley Martin sold 3,907 new homes and delivered 3,285 new homes, resulting in $1.4 billion in homebuilding revenues and $1.5 billion in total revenues.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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