Estridge Begins New Venture
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA longtime central Indiana home builder's new company has secured $25 million for a new development. Estridge Homes LLC, led by Paul Estridge Jr., has closed on the funding deal with a North Carolina investor. The money will be used for a 270-acre development in Westfield. The project could get underway in March.
October 17, 2013
News Release
INDIANAPOLIS, Ind. – Estridge Homes LLC announces the closing of a new partnership with Mountain Real Estate Capital (Mountain), a leading private equity source. The new joint venture will allow longtime builder Paul Estridge Jr.’s new company to acquire land and once again build premier homes and neighborhoods in the Indianapolis metropolitan area.
The Estridge-Mountain venture’s first project will be Harmony, a 270-acre master plan community in Westfield on Ditch Road between 146th and 156th streets. The venture has acquired the land, and construction is set to begin in March 2014. Harmony will be a multi-generational, amenity and club centric neighborhood with seven house styles ranging in size from 1400 to 3600 square feet, with starting prices from $225,000 to $425,000. Amenities will include water features, walking trails, a grand multi-purpose clubhouse, outdoor pool, play structure, putting green, and basketball, tennis and sand volleyball courts.
“We have known Paul Estridge for several years and were delighted that he agreed to join our national team of Best-in-Class builders,” said Joel Kaul, managing director for Mountain's Minneapolis office. “Paul’s earned a reputation for great home designs and neighborhoods, high-quality craftsmanship and outstanding customer service.”
Kaul added that his firm was especially impressed with Estridge’s experience and industry recognition. In 30 years in the industry, Estridge developed more than 20 communities and built more than 8,000 homes, and he received numerous honors, including Indiana Builder of the Year, National Housing Quality Gold Award from NAHB, and INC. Magazine’s Entrepreneur of the Year. In addition, Estridge’s company was recognized as one of the top ten companies to work for in Indiana from 2007 to 2009.
Mountain’s infusion of capital has allowed Estridge to build a great team of employees to launch the new venture with Mountain.at their Carmel office.
Estridge said, “We had the opportunity to partner with several different groups, but for me it's always about the people, and there’s no finer group than Mountain. They have a team that’s smart, creative and fun.
“Buyers today want experience in design and reputation,” Estridge added. “We have that, and the partnership with Mountain means we’ll be able to do what we’re passionate about: build high-design homes and neighborhoods.”
The partnership with Estridge represents Mountain’s first investment in the Central Indiana market. Bob Fioretti, Brian Clauson and Chris Bornemann completed the project underwriting for Mountain. In the past year, Mountain has expanded into cities including Salt Lake City; Omaha; Milwaukee; Long Island, New York; and Winchester, Virginia, while adding to its current market share in existing cities with its current partners. Over the past three years, Mountain has invested more than $700 million in similar investments with private homebuilders and developers desiring to acquire new opportunities or to recapitalize and grow their existing portfolios.
About Mountain Real Estate Capital
Since 1993, Mountain Real Estate Capital has been a leading private equity source for real estate developers and builders. Mountain, capitalized with $1 billion for joint venture investment, is headquartered in Charlotte, N.C., with offices in Minneapolis, San Diego, Austin and New York. Since 2010, Mountain has acquired more than 40,000 lots/homes and another 9,000 developable acres, deploying more than $700 million in equity investment. Mountain has partnerships with 17 best-in-class developers and builders, closing deals in 18 states. (www.mrec.com)
About Estridge Homes
The Estridge family has been building homes in Central Indiana since 1967. Over the years, the Estridge companies have developed more than 20 communities and built more than 8,000 homes. Today, Estridge Homes is a new company made up of the best homebuilding team in Indiana. We are joined by many of the great craftsmen and materials supplies who know the high standards for quality and excellence. Paul Estridge, Jr. has earned numerous awards, including Indiana Builder of the Year, National Housing Quality Gold Award from NAHB, and INC. Magazine’s Entrepreneur of the Year. In addition, Estridge’s company was recognized as one of the top ten companies to work for in Indiana from 2007 to 2009.
Source: Estridge Homes LLC