New builder gets quick start

By Michelle E. Shaw

The Atlanta Journal-Constitution

The arrival of Lennar Corp. wasn’t surprising to many metro Atlanta real estate insiders.

But the speed with which the country’s third largest builder picked up the hammer and saw has raised a few eyebrows.

In January, when Miami-based Lennar announced it was coming to Atlanta, many thought the first year would be spent scouting properties and getting settled. But Lennar officials had other plans and a much quicker timetable.

“It seems they’ve been able to take advantage of some great deals,” said John Wieland, chief executive of John Wieland Homes and Neighborhoods. “And once you buy the land, you build the house. So I imagine that has a lot to do with the acceleration of the timetable.”

In the company’s first six months, Lennar has begun building in one subdivision, is preparing to announce a second and is working on deals in four others.

“I’d say we hit the ground running,” said Ginny Bryant, director of sales for Lennar’s Atlanta division.

They have been able to move so quickly because they’ve studied the Atlanta market for years, said Todd Jones, Lennar’s Atlanta division president.

“The company has eyed Atlanta for a long time,” he said. “And they wouldn’t do all they’re doing light-heartedly.”

The company’s first acquisition was a former Bowen Family Homes subdivision in Marietta called Caswell Overlook. The subdivision was one-third complete when Bowen stopped building.

Lennar now plans to build homes on the remaining 150 or so lots and already has a couple of presales.

Caswell Overlook, just off Cobb Parkway, has a preferable location and should generate interest, said Jones.

“Buyers are looking for a great product, great prices and a great neighborhood,” he said. “That’s what we’re going for with all of our properties.”

Those three elements are also prevalent in the company’s second community, Beyers Landing, a former Premier Residential Builders, LLC project. Jones said the company hopes to open the Buford community in early July.

Lennar is also looking to take over four other communities, two in Cobb and two in Gwinnett, in the near future, he said.

“What we want to do with each community is grow responsibly and as the market allows us,” Jones said. “We’re doing this with the end-game of being in Atlanta for a long time.”