Warmington Residential has closed escrow on nearly 10-acres in the southwest submarket in Las Vegas, Nevada. The parcel, located near W. Warm Springs Road and South Buffalo Drive, will be developed into a single-family community known as Westbury. It will include 74 detached homes ranging in size from 2,055 to 2,619 square feet on lots that average 4,000 square feet. Construction on two models is expected to begin in July with sales commencing in the fall.
Mountain Real Estate Capital is Warmington’s joint venture partner on this deal and it represents the third partnership formed between the two companies in recent months.
Westbury will become Warmington Residential’s fourth active single-family neighborhood in southwest Las Vegas. Since 1996, Warmington has built more than 4,000 detached and attached single-family homes throughout the Las Vegas Valley.
“We are very pleased to be expanding our presence in the Las Vegas single-family home market,” said Greg Oberling, President of the Nevada division of Warmington Residential and Vice President of Multifamily Properties for Warmington Properties, Warmington’s acquisitions and asset management company. Warmington Properties Las Vegas’ multifamily portfolio includes approximately 1,300 apartment units and 300 more in the pipeline for 2014.
“The opportunity to again partner with Mountain Real Estate Capital is very welcomed and we look forward to adding to the diversity of product we offer in Las Vegas residential marketplace, which is rebounding nicely and poised for growth in 2014,” said Oberling.
For information, contact Greg Oberling | 702.248.4883.
Turning the downturn into an opportunity to retrench and improve: this was the common theme among the builders featured in Professional Builders’ 2013 “Big Gainers,” published this month. Warmington ranked an impressive #9 on this list of builders nationwide who reported the largest year-over-year (2011–2012) revenue increases. The bigger news is that our group expects this upward trend to continue and we are projecting an additional 25 percent increase in revenue this year. According to Jim Warmington Jr., president and CEO of the Warmington group of companies, much of the hard work we’ve done in the preceding years has already begun to pay off.
“We have largely done the work necessary to reach these goals in 2013,” says Warmington in the feature article, which is posted below. “We own and are building the communities, or have entitled the properties we may sell, plus we have hired the necessary staff. To reach our goals for 2014, we are continuing with more of the same. Specifically, adding staff where necessary, aggressively focusing on land acquisition, and creating special and different communities and home designs.”
Warmington Residential set up its stellar growth in 2012 by believing in the impending recovery as early as 2010. The Warmington Group division backed that bet by becoming aggressive. The Costa Mesa, Calif.-based builder hired additional staff for its land acquisition team and made improvements in operations, design, and sales. The company closed out unprofitable legacy deals made before and during the recession. While the downturn zapped access to capital for many businesses, Warmington strengthened its long-term relationships with equity investors and lenders, enabling the company to finance many deals that other private companies could not.
Double-digit revenue growth for these home builders during the recovery started with pre-planning, re-examination, and retrenching during the recession. >>Read the full article here.<<
Since it debuted last October, The Legacy Collection has impressed all who’ve visited. It’s been called many things; beautiful, amazing, spectacular, luxurious, and a fine example of a classic Warmington home. Today, it’s being called something else too. Award Winning.
The Legacy Collection in Covenant Hills earned an Award of Merit in the 2013 Golden Nugget Awards competition for its Plan 1 model in the Single Family Detached Home – Over 4,000 Square Feet category. This honor distinguishes The Legacy Collection from 536 entries and qualified the community to be eligible for the Grand Award.
“What an exciting confirmation this is,” said Michael Williams, Vice President of Sales and Marketing for the Southern California division of Warmington Residential. “We diligently sought to create an enclave at The Legacy Collection that would be awe-inspiring and worthy of its prestigious, view-oriented setting behind the gates of Covenant Hills. We are very pleased with the outcome and found home buyers have been impressed as well. Now, to get this recognition from our industry peers is very rewarding on many levels.”
Presented by PCBC and sponsored by Builder Magazine, the Golden Nugget Awards, now in its 50th year, is the oldest and most prestigious design awards competition in the nation. The Golden Nugget Awards recognizes builders, developers, architects and land planners who improve communities in the U.S. and abroad through exceptional concepts in planning, design and development.
As Williams said, home buyers have been very impressed by this collection, which represents the first new home opportunity in Ladera Ranch in five years. The community was originally slated to include 28 home sites but due to the popularity of these million-dollar-plus residences, Warmington was able to secure and offer an additional 20 home sites. Already, 30 of the 48 homes have been released for sale and 29 have been sold.
Available from the low $1 millions, the luxury homes that make up The Legacy Collection are designed to capture the essence of the Southern California indoor/outdoor lifestyle, with sunlit courtyards and sprawling great rooms. An optional second level can be added to include casitas, lofts, bonus rooms, bedrooms or decks. The newest 20 home sites offer several exciting enhancements as well such as optional Legacy Rooms, loggias and additional bedrooms.
The sales office and model homes are open daily from 10 a.m. to 5 p.m. The address is 65 Stockmen Road, Ladera Ranch. Get a map and directions here.
Welcome to the Warmington Residential Blog! We wanted to have a place where we could publish good news and important updates regarding our companies. We wanted to do so in a way that wasn't too long (but sometimes we have things to say that take more than 140 characters!). We'll hope that you will check back often.