By: STEPHANIE RIEGEL
June 05, 2015
National homebuilder D.R. Horton has sold 36 undeveloped lots in The Long Farm that it acquired from developer Russell Mosely in 2013. The price of the lots, which were sold in two separate transactions, was not disclosed.
Horton sold 26 of the lots to local custom builder Bardwell Homes, which plans to build homes there priced between $300,000 and $500,000. Horton sold the remaining 10 lots to L.F. Investments I LLC, a partnership of Mosely and developer Hardy Swyres. Mosely says L.F Investments will sell its 10 lots to local custom builders.
D.R. Horton bought into The Long Farm—a traditional neighborhood development off Barringer Foreman Road near Airline Highway—two years ago, when it acquired all 65 lots in the TND’s first filing. It built a total of 30 homes on those lots.
“D.R. Horton did a good job selling 30 homes in two years,” says Bardwell Homes owner Scott Bardwell. “But we found most people wanted to buy from a local custom builder, especially at the higher price points.”
When Mosely first announced plans for the TND—which he is developing on 237 acres of family property once owned by his grandfather, the late U.S. Sen. Russell Long—he said all the homes would be developed by local builders. He later sold the first filing to Horton, which helped get the project moving, then subsequently announced plans for a second filing that would be developed by a select group of local builders. Construction on 13 of the lots in that second filing has begun and most are pre-sold.
In addition to the two residential filings, The Long Farm will include a 12-acre third filing with a 13-building complex of 276 multi-family units. Atlanta-based ECI Group originally was going to develop the multifamily complex, but that deal has fallen through. Mosely now says he plans to sell the 12-acre site to Arlington Properties, which is based in Alabama and locally is developing Tapestry Park on Jefferson Highway.
The TND will also include a 55,000-square-foot Rouse’s Supermarket. Construction is to begin in August, with the store opening by mid-2016.
—Stephanie Riegel
https://www.businessreport.com/article/d-r-horton-sells-off-undeveloped-lots-long-farm