Parkland Communities announces the sale of $9.45 million in Gwinnett land holdings to Taylor Morrison. These transactions include two developments encompassing 210 lots in desirable Loganville locations in Gwinnett County.
“This sale represents more than a transaction; it’s about creating more new homes to meet the critical need for quality housing in metro Atlanta. These transactions also allow us to redirect our resources towards our new Build-to-Rent communities coming soon,” said Jim Jacobi, President of Parkland Communities.
“Taylor Morrison is excited to grow our presence within Gwinnett County with these two new communities,” said Mason Maynard, VP of Land Acquisitions for Taylor Morrison.
New housing supply is needed because high mortgage rates are restricting supply caused by the lock-in effect with 80% of homeowners who have a mortgage rate below five percent, according to a report by Redfin. “There is currently 2.5 months housing supply inventory in Atlanta which is still 40% below pre-pandemic levels, and Atlanta needs approximately 45,000 additional units just to get back to equilibrium – which is a six-month supply,” said John Hunt, Principal and Chief Analyst at MarketNsight.
The Atlanta housing market is also experiencing a shortage of newly developed lots, further hindering the recovery of housing supply and limiting opportunities for home builders. According to Zonda, the Atlanta market will deliver approximately 21,000 lots in 2023 which is nearly 6,000 lots below the 20-year average of 26,700 lots per year.
The Zonda data for all counties in the Atlanta market shows Cobb County has the fewest months of lot supply, followed by Forsyth and Gwinnett counties. Through the third quarter of 2023, Gwinnett County has only 18.5 months of lot supply which is well below the timeline necessary for zoning, permitting, and land development of new replacement communities.
The two communities included in these transactions are:
Bennett Farm is an Open Space Conservation community with 99 lots on 36.88 acres in Grayson, Georgia. This master-planned community is conveniently located at the intersection of Hoke O’Kelly Mill Road and Loganville Highway. The community features a large amenity area with a cabana, pool, playground and playfield.
Windance Lake is a 111 single-family home development in south Gwinnett County zoned as an Open Space Conservation community. The 50.87-acre property is located on Beaver Road in Loganville and is zoned for South Gwinnett High School. This area of Gwinnett County is known for its equestrian lifestyle, with many beautiful horse farms that create a quiet pastoral setting for the area. This community includes 12.8 acres of conservation space, including a fishing lake, streams, forested areas and open green space surrounding the property for residents’ enjoyment. Planned amenities include a swimming pool, cabana, playground, walking trails and fishing lake.
Home builders and Investors looking for lots and landowners with Gwinnett land holdings who want to sell should contact Jim Jacobi at Parkland Communities to explore opportunities.
Parkland Communities Inc. is a privately-owned multifaceted real estate development and investment firm specializing in residential properties. With over 20 years of experience in the industry, Parkland Communities Inc. uses the latest market data, technology and established relationships to strategically secure new development opportunities in Atlanta’s most desirable locations. The company’s hands-on philosophy has made it a proven leader in the industry with a trusted reputation among elected officials, municipal staff, neighborhood associations, bankers and home builders. For more information on Parkland Communities, call 404-456-5562 or visit www.ParklandCo.com.
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