FRONTDOOR COMMUNITIES AND IHP ANNOUNCE STRATEGIC PARTNERSHIP
THE TWO COMPANIES AIM TO EXPAND NEW HOMEBUILDING ACTIVITY IN THE SOUTHEAST
FrontDoor Communities (FDC) and IHP Capital Partners, one of the nation’s largest investors in residential community development and homebuilding, recently announced a new strategic partnership expected to result in the development of communities and construction of new homes throughout the Southeast United States. IHP has invested a significant amount of capital in FDC that not only provides the developer with the resources to fund its growth, but also allows the joint venture to react quickly to the many opportunities unfolding in the improving market.
“The housing crisis was one of the factors that fueled the unprecedented recession of the last few years and I believe improvements in the housing industry will help lead us out. In fact, in select Southeast markets we are seeing clear signs that the recovery is well underway,” says FDC CEO, Terry Russell. “As our enterprise expands in the Southeast, I hope we will play a part in the economic recovery, providing needed jobs, helping to energize local economies and other related industries.”
IHP has partnered with over 50 public and private builders and developers around the country entitling, developing and building high-quality residential communities and homes. This long-term relationship between FDC and IHP will further strengthen both companies’ presence in the Southeast.
FDC is led by seasoned veterans of the homebuilding industry Terry Russell and Mike Langella. Collectively, they are responsible for the construction of thousands of homes across hundreds of communities, and are an ideal fit for the IHP business model which seeks to partner with leaders who have demonstrated an ability to successfully manage their businesses through the vagaries of the business cycle.
“Everyone at IHP has confidence in the FrontDoor Communities team and we’re delighted to have them as a new partner,” says Scott Cox, partner with IHP. “It is always our intent to build partnerships that achieve more than either partner could accomplish alone and that’s our expectation here. The combination of IHP’s capital and experience and FrontDoor Communities’ operating platform promises to create a potent force within the homebuilding industry in the Southeast.”
“This is not only an investment in FDC, but a vote of confidence,” adds Russell. “Knowing that IHP shares our vision and enthusiasm only increases our resolve to grow our business and provide the highest quality communities and homes for our customers.”