APEX, NC—Wheelock Street Capital of Greenwich, CT has acquired the 316-acre master-planned community of Jordan Pointe here from NVR, Inc., the parent company of Reston, VA-based NVHomes and Ryan Homes.
The single-family development is approved for 440 residences, all of which will be built by NV and Ryan. According to the Triangle Business Journal, Wake County land records indicate NVR sold the Jordan Pointe land to Wheelock Street Capital for $12.6 million.
Jordan Pointe will be developed and marketed by Wheelock Communities and its local development partner, JPM South Development. Since 2011 the partnership has been developing Traditions, a 700-home community in nearby Wake Forest, NC
"We're proud to expand our investment in the Triangle market with a second high-quality community that's well located in the path of job growth,” JPM South Principal John P. Myers says. “The property is within 30 minutes of the region's major employment centers—Research Triangle Park, UNC, Duke and downtown Raleigh.”
Planned amenities at the development include a junior Olympic pool, cabana, ball fields, gazebo and walking trails. Home sales are expected to begin in late 2015.
Wheelock is currently investing in its fourth fund and its second multi-investor discretionary opportunity fund. Since April 2010, Wheelock Street Capital has closed on residential land properties containing approximately 24,000 residential lots.
The firm is actively developing master-planned communities in California, Colorado, Florida, North Carolina and Texas. In addition, Wheelock purchased the assets of Atlanta-based John Wieland Homes in joint venture with the Wieland family in 2012 and is now actively building homes in Atlanta, Charleston, SC, Nashville, TN, Charlotte and Raleigh, NC.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
