Ryland Joins the Crown Farm
03/29/10
A third builder partner has been added to the Crown Farm roster.
Late last week, Ryland Homes closed a deal with Crown developer Sunbrook Partners to take the same kind of equity share that Pulte Homes and KB Home already have claimed in the Gaithersburg project.
Its' investment buys the newly active Ryland a one-third share of the over 700 singles and towns at Crown, off Fields Road at I-370. But the lot sizes and configurations have yet to be finalized. Crown is zoned over 2200 units, but the majority are in multi-family units.
Like Pulte and KB, Ryland will be an investor as well as take down finished lots. That way, Sunbrook, still finalizing plans and trying to beat the stormwater management deadline of early May, protects itself until it has a better idea of where lot prices will fall. And the builders commit to a project widely regarded as one of the best locations in the county.
Ryland is one of several nationals actively putting out offers. It recently paid $9.5 million in Olney for 262 units in "Greenbriar at Norbeck."
Rich Samit of Fraser Forbes Real Estate Services brokered the Crown transaction.
Source: Maryland Newsletters
