Nashville-based Woodmont Development announced Thursday it has sold 28 residential lots in the Smyrna-based Woodmont community to D.R. Horton Inc.
Terms of the sale for the properties, located west of Interstate 24 near Sam Ridley Parkway, were not disclosed. In a statement, Woodmont said the transaction marks the first investment in the Middle Tennessee market for D.R. Horton, one of the nation’s largest home builders. The Fort Worth, Texas-based company (Ticker: DHI) last year sold almost 19,000 homes in 26 states and has a market value of more than $7 billion.
“I am pleased to work with D.R. Horton to continue the development of this attractive residential community,” Scott Sohr, Woodmont Development's founder, said in a release. “Their team has completed an impressive amount of due diligence, and I’m confident that they understand what local homeowners want and need in this growing part of Middle Tennessee.”
Located near Sam Ridley Parkway, the Woodmont neighborhood comprises 200 homes with the capacity for 600 additional residences. The subdivision was one of the properties allocated to Sohr when he and former business partner Preston Ingram in 2009 tried to untangle the holdings of their IS Investment joint venture. The two men's subsequent legal dispute was heard by a jury in late 2011 and some contested claims resulting from that case are making their way through the appeals court process.
D.R. Horton has initially developed five plans with pricing starting in the mid-$200,000s. In its fiscal 2012, the company's average sale price was a little more than $223,000.
In addition to Woodmont, Sohr has helped develop local Courtside at Southern Woods, Winterest Woods and Arrington Retreat.
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