Builder turns to upscale infills

It may be a tough housing market, but for some builders with the optimism of Dave Borreson, it just means working harder to fill a niche. Borreson, the CEO of Peachtree Residential, recently announced that his company was going to put up an infill community of 29 homes priced from the $700,000s at Tillman Hall in Peachtree Corners.

After looking at the housing stock in the area, Peachtree Residential saw a specific need for its new product and was willing to move ahead to fill it.

“We were pleased to find there’s a limited amount of competition there in this price point,” Borreson said. “We also have a number of business associates who live in the area and [they’ve] told us that a lot of people would be pleased to stay in the same school district but in a bigger house with some of the finer features you find in new homes.

“Yes, it’s a slower market with fewer home transactions, but we believe there is still a demand for quality properties,” he said.

Borreson received a vote of confidence on the project from Wells Fargo Bank, which has partnered with Peachtree to offer financing. “A lot of people have the impression that, in times like these, you can’t get a mortgage,” he said. “But if you have decent credit, you certainly can.”

Unlike many infill communities, Tillman Hall will have larger lots that accommodate side-entry garages and full basements. The houses will have 3,400 to 4,300 square feet, four or five bedrooms, three-car garages, four sides brick, and built-in security and sprinkler systems. They’ll also boast upgrades in the custom cabinetry, granite countertops, hardwood floors and stainless steel appliances. In addition, the exclusive property will be gated.

Peachtree Residential has a solid track record when it comes to infill properties, Borreson said. Two other developments with a similar profile are doing well. There are 41 houses in Roswell’s Windfaire and 37 in Tavistock, located in Johns Creek.

“Another key is that we offer very fine plans with a lot of custom touches,” Borreson said. “We can tailor each plan to our customers.”

Borreson doesn’t mind the idea that his company is bucking the current economic trends with a project such as Tillman Hall.

“I won’t say [the upper price points] have remained strong, but we’ve delivered more than 3,500 homes in our 25 years in good markets and bad,” he said. “Even when things are bad, people still need housing, and new people are moving to Atlanta every day. Particularly in these times, people want to buy from a strong, reputable builder that will finish out the community —- that’s where we stand out.”