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Partnership closes on its first master-planned residential community in Southeast
Dallas, Texas, and Orlando, Fla., Dec. 5, 2019 — Hillwood, a Perot company that specializes in real estate investing and creating master-planned developments, and master-planned community developer Reader Communities are pleased to announce a joint venture partnership to acquire and develop residential projects with mixed-use land assets in the Southeast. Through this partnership, Hillwood and Reader have purchased one site in Central Florida and are expecting to close on another site in Raleigh, N.C., in the beginning of 2020.
“We are excited about our partnership with Reader and our growing presence in the Southeastern markets through this relationship,” said Fred Balda, president of Hillwood. “Reader’s team has a long-standing track record of developing high-quality master-planned communities.”
Hillwood is one of the nation’s top industrial, commercial and residential real estate developers, active in 48 markets across the U.S. and Europe. Through its Communities division, Hillwood has developed more than 29,000 single-family lots in 90 master-planned communities across 13 states and two countries. Hillwood Communities also invests with other best-in-class developers such as Reader Communities. Reader Communities has developed numerous master-planned communities throughout the Southeast, including over 7,500 residential units valued at more than $500 million, and will serve as operating partner. It has active communities totaling more than 2,400 acres in Florida, North Carolina and South Carolina. Signature developments include Holding Village and Bethpage in Raleigh, N.C.; The Village of Fenney, a 1,040-acre active adult community outside of Orlando, Fla.; and Midtown Mount Pleasant, an infill community in Charleston, S.C.
“Hillwood is one of the most prestigious real estate investors and developers in the country. This new partnership allows us to use our expertise and combined resources to collectively grow our businesses,” said Perry Reader, founder and CEO of Reader Communities. “Hillwood’s culture and core values are very much aligned with our own, and we could not ask for a stronger, more insightful capital partner.”
In addition to launching the partnership with these properties, the pair are actively exploring additional opportunities for master-planned developments in high-growth Southeastern markets, focused initially on Florida and the Carolinas. Dean Barberree, president of Reader Communities, is leading Reader Communities’ initiative and rollout of new projects, and Jeff Reader, vice president of Reader Communities, is leading their evaluation and acquisition of future communities.
About Hillwood
Hillwood, a Perot company, is a premier commercial and residential real estate developer, investor and advisor of properties throughout North America and Europe. With a diverse portfolio of properties and home to many of the world’s leading companies, Hillwood is committed to bringing long-term value to our customers, partners and the communities we serve.
Through its Communities division, Hillwood has delivered more than 29,000 single-family lots in 90 master-planned communities across 13 states and two countries. These communities continue to raise the bar in terms of quality, innovation, and the unmistakable sense of community that sets each property apart. In addition to owning and managing its own developments, Hillwood Communities also invests with other developers who have compatible philosophies and experience creating residential communities. For more information, please visit http://www.hillwoodcommunities.com.
About Reader Communities
With offices in Orlando and Raleigh, Reader Communities is a master-planned community development firm specializing in the acquisition, entitlement, development and disposition of mixed-use and residential land assets. Reader Communities was founded in 2011 as a successor to the land division of Charlotte, N.C.-based Crosland. In over just six years, Reader Communities has developed more than 7,500 residential lots across the Southeast in both primary and active-adult communities totaling more than $500 million. Reader has actively managed land assets on behalf of a number of institutional funds and has provided advisory and consulting services nationally. The company’s specific focus is to organize the structure and placement of the horizontal development program to maximize the vertical opportunities within each project. This allows for truly unique, successful projects that produce strong returns for Reader’s builders, homeowners and investment partners.
