Värde Partners and David Weekley Homes Announce Land Banking Joint Venture

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April 4, 2024

JV Launches with Two Phoenix Residential Development Projects

MINNEAPOLIS – Värde Partners, a leading global alternative investment firm specializing in credit and credit-related assets, and David Weekley Homes, one of the largest privately-held national home builders, today announced the formation of a joint venture to land bank residential communities for David Weekley Homes across the nation.

The land banking facility, provided by Värde, offers significant capacity to acquire and develop residential lots in high-demand U.S. markets, such as Phoenix, Tampa, Atlanta, Orlando and Charlotte. David Weekley Homes will manage the sourcing and land development.

The joint venture has already closed on two projects in Phoenix, totaling over $100 million of project costs, and expects to scale the partnership with a pipeline of deals projected to close over the coming months.

“We are pleased to formalize this new relationship with Värde, which will support our company’s growth goals and align with our longstanding asset-lite strategy,” said Heather Humphrey, Chief Financial Officer at David Weekley Homes. “The firm’s extensive experience investing in residential land development and reputation within the market made them a great partner for this venture. We are excited to have established this facility and look forward to an enduring partnership.”

“Värde’s vast experience in U.S. housing and land development positions us as a valuable partner and provider of capital to homebuilders,” said Brendan Bosman, a Senior Managing Director at Värde Partners. “David Weekley Homes is a preferred home builder in several master-planned communities in which Värde invests and has a reputation for operating with integrity and delivering high-quality homes. We are excited to embark on this partnership with them.”

Värde has 30 years of experience investing in real estate credit and assets with deep expertise across all major asset classes. The firm’s investments in U.S. residential real estate and home building include strategic land banking partnerships and a portfolio of master-planned communities. Värde’s global real estate team is supported by in-house asset management professionals as well as a partnership with an industry-leading servicer and asset manager.

About David Weekley Homes
David Weekley Homes, founded in 1976, operates in 19 markets across the United States and is headquartered in Houston. David Weekley Homes was the first builder in the United States to be awarded the Triple Crown of American Home Building, an honor which includes “America’s Best Builder,” “National Housing Quality Award” and “National Builder of the Year.” David Weekley Homes has been recognized 17 times by Great Place to Work® and Fortune magazine as one of the 100 Best Companies to Work For. Since inception, David Weekley Homes has closed more than 120,000 homes. For more information about David Weekley Homes, visit the company’s website at www.davidweekleyhomes.com.

About Värde Partners
Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $100 billion across the credit quality and liquidity spectrum in both public and private markets. Värde currently manages approximately $13 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services & Diversified Private Credit. For more information, please visit www.varde.com.