RESTON, Va. , 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, progression and sale company) and Prestige Site Works (a territorial progression general contractor), founded in the Charlotte metropolitan domain, North Carolina. Prestige controls more than 8,000 masses in the Greater Charlotte domain and is actively involved in site progression paintings on 15 projects representing more than 2,500 masses in the north. Carolina and Carolina del Sur. Se expects the transaction to close in May 2024.
Steve Alloy, President of Stanley Martin, said, “Stanley Martin’s expansion strategy includes an expansion beyond its core homebuilding business into other real estate segments. The two Prestige corporations will be our fourth and fifth subsidiaries, thus enabling this expansion. When we met with the leaders of Prestige, we knew that Americans and their corporate culture were incredibly well-prepared to join Stanley Martin’s organization of corporations.
Brian Mahoney, owner of Prestige, said: “I have risen to the challenge, discovered immense joy and am very proud of the expansion and achievements of the Prestige team and their circle of family members over the past six years. This acquisition marks the continuation and beginning of exciting expansion and expansion opportunities for Prestige. I have complete confidence in Prestige’s control team, in our committed workers and families, and in the synergistic combination of leadership, culture, and partnership presented through Stanley Martin Holdings. Together, they are paving the way for Prestige to thrive for many years to come!
Steve Bailey, President of Prestige, added, “It has been an honor to be a part of what Mr. Mahoney and the Prestige team have been accomplishing for the past six years. I can’t wait to see what this team can accomplish with a wonderful component like Stanley Martin. “
About Stanley Martin Holdings
Stanley Martin Holdings has a variety of real estate businesses, with operations concentrated primarily in the southeastern United States. Its brands include Stanley Martin Homes, Stanley Martin Custom Homes, First Heritage Mortgage, and First Excel Title. Its organizational corporations have more than 1,000 workers and generate more than $2 billion in annual revenue.
Stanley Martin Holdings, LLC is a subsidiary of Daiwa House Group. Daiwa House Group, headquartered in Japan, is one of the world’s largest housing, construction, and enterprise companies.
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