News & Updates

Warmington Adds to Single-Family Portfolio with 74 Lots in Southwest Las Vegas

January-16-2014

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.

WarmSpringsMap01_14Mountain 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.

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Professional Builder Ranks Warmington #9 on its Annual List of Big Gainers

July-26-2013

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 Group

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.

Next was remaking product. Warmington focused on creating communities that were special and different from anything found in the market. Among those offerings were single-story homes and predominantly single-story living—a product that is scarce in the market today. Warmington also married its floor plans with true indoor-outdoor living, customizable options for some locations, and features reflecting tomorrow’s market trends. One such product, the Plan 1 luxury home for the Legacy Collection in Covenant Hills in Ladera Ranch, Calif., was a Golden Nugget Award of Merit winner for the Single Family Detached Home Over 4,000 Square Feet category. At least 18 of the million dollar-plus homes in the Legacy Collection have sold since debuting in November 2012.
Warmington also integrated upgrades and designer selections throughout its Chateau Interiors & Design division. The company considered extensive research and planning to enhance designs for communities that were better suited for their targeted buyer groups.
Revenue last year for Warmington Group—which also includes Warmington Properties Inc., a full-service real estate company, and its interior design firm—soared 94.2 percent to $121 million with Warmington Residential posting 296 closings. The builder expects a 25-percent increase in 2013.
“We have largely done the work necessary to reach these goals in 2013,” said Jim Warmington Jr., president and CEO. “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 builds single-family homes and multifamily houses and apartments and is most active in California and Nevada.

Big Gainers

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.<<

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The Legacy Collection is Amazing and Now, Award-Winning Too.

June-6-2013
Residence One at The Legacy Collection

Residence One at The Legacy Collection

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.

Residence One is an Award of Merit Winner.

Residence One is an Award of Merit Winner.

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.

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