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Hearthstone Invests $35M in Three Shelter Projects

ATLANTA-The 11-year-old, San Francisco-based firm has closed three lot option deals with Alpharetta, GA-based MDC Homes which plans to build 600 single-family and townhomes that will have an estimated build-out value of $168 million, or about $280,000 per house.

By Alex Finkelstein | Updated on November 14, 2003

ATLANTA-San Francisco-based Hearthstone, which calls itself the nation’s largest institutional investor in residential development, is putting up $35.2 million for three planned shelter ventures in the metro area.

The California firm has closed lot option deals with Alpharetta, GA-based MDC Homes which plans to build 600 single-family and townhomes that will have an estimated build-out value of $168 million, or about $280,000 per house.

Founded in 1956, MDC Homes closed 1,363 homes last year with combined revenue of $281 million in Georgia, North Carolina and South Carolina.

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