RESTON, Virginia, May 13, 2024 (GLOBE NEWSWIRE) -- May 13, 2024 – Stanley Martin Holdings announced today that it has entered into an agreement to acquire Prestige Corporate Development (a land acquisition, development, and lot sales business) and Prestige Site Works (a land development general contracting business), both headquartered in the Charlotte, North Carolina metro area. Prestige controls more than 8,000 lots in the Greater Charlotte area and is actively performing site development work on 15 projects representing more than 2,500 lots throughout North Carolina and South Carolina. The transaction is expected to close in May 2024.
Steve Alloy, President of Stanley Martin, said, “Stanley Martin’s growth strategy includes expanding beyond its core homebuilding business into additional real estate segments. The two Prestige companies will become our fourth and fifth subsidiary businesses, further enabling that expansion. When we met the principals of Prestige, we knew that the individuals and their company culture were extremely well-matched to join Stanley Martin’s group of companies.”
Brian Mahoney, the owner of Prestige, said, “I’ve embraced the challenge, found immense joy, and taken great pride in the growth and achievements of the Prestige team and family over the past six years. This acquisition marks the continuation and the beginning of exciting opportunities for growth and expansion for Prestige. I have full confidence in the leadership team at Prestige, our dedicated employees and families, and the synergistic blend of leadership, culture, and partnership offered by Stanley Martin Holdings. Together, they pave the way for Prestige to thrive for many years ahead!”
Steve Bailey, the President of Prestige, added, “It has been an honor to be a part of what Mr. Mahoney and the Prestige team have grown in the last 6 years. I look forward to seeing what this team can achieve with an excellent partner like Stanley Martin.”
Maynard Nexsen PC provided legal representation for Stanley Martin. Williams Parker represented the sellers. Whelan Advisory served as the exclusive financial advisor to Prestige in the transaction.
About Stanley Martin Holdings
Stanley Martin Holdings is engaged in a variety of real estate businesses, with operations primarily concentrated in the southeastern United States. Its brands include Stanley Martin Homes, Stanley Martin Custom Homes, First Heritage Mortgage, and First Excel Title. Its group companies have more than 1,000 employees and generate over $2 billion in annual revenues.
Stanley Martin Holdings, LLC is a subsidiary of the Daiwa House Group. The Daiwa House Group is headquartered in Japan and is one of the largest housing, construction, and development companies in the world.
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