Client News

HPA DEVELOPMENT GROUP ACQUIRES 106 LOT RESIDENTIAL DEVELOPMENT IN MIAMI TOWNSHIP
FEBRUARY 22, 2010

 

Development Group Thriving in Challenging Housing Market; Seeking to Acquire More Residential Developments in 2010

CINCINNATI, OH - FEBRUARY 22, 2010 - Montgomery based HPA Development Group has acquired The Reserves of Greycliff, a 106 lot residential neighborhood, through its subsidiary Greycliff Development, LLC. Located on State Route 131 in Miami Township, The Reserves of Greycliff is comprised of single-family homes starting around $209,000, and is anchored by homebuilders Fischer Homes and Ryan Homes.

The Reserves of Greycliff is a unique development in the Milford school district, with residential restrictions of 2,400+square feet for two-story homes and requirements such as side entry garages and brick facades on most lots. Two fully decorated sales models are open to tour. The majority of the home sites are wooded, and the development is located adjacent to a future Milford Elementary school site.

HPA anticipates the commencement of an additional eight homes by the end of March, and the development of an additional twenty-eight lots by fall of 2010.

“The venture is the fourth of its type for us in the past 18 months. We strategically chose to make the most out of the challenging economic climate and turmoil in the residential real estate sector and are seeking other similar projects this year”, noted Doug Herald, President, HPA Development Group. “Most of the recovery to date in the local market has been focused in the lower price points. Builders offering new housing under $250,000 are seeing greater success, and inventory levels at those price points continue to decrease”, continued Herald. With partner Graham Parlin, HPA is focused on acquiring and repositioning non-performing and distressed real estate developments, as well as unique new development opportunities. HPA is actively involved in projects in Batavia Township, Union Township, Green Township, Lawrenceburg, Centerville, Indian Hill and Miami Township.

About HPA Development Group
HPA Development Group is a real estate development company owned and managed by Edward D. Herald, Jr. and Graham S. Parlin. The principals of HPA have nearly thirty years of experience working on some of Cincinnati’s most notable projects, including involvement with several Homearama® shows and master planned golf course communities. HPA Development Group is a member of the Home Builders Association of Greater Cincinnati, the National Association of Home Builders, the Ohio Valley Development Council and the Urban Land Institute. For more information on HPA, go to http://www.hpadg.com/.