sitEX reached another milestone in the company’s history in September 2021 when a strategic alliance for the Florida market was signed with the renowned American homebuilder Stanley Martin Homes. This agreement includes in its core the sale of the assest and operations of Avex Homes LLC, which was 57% owned by sitEX. Stanley Martin Homes is a subsidiary of Daiwa House Industry Co, Ltd, the largest Japanese homebuilder with more than 45,000 employees. With this acquisition, Stanley Martin Homes, which was awarded “2021 US Builder Of The Year” in August 2021, expands into the Florida market for the first time.
Avex Homes was founded in 2013, as a joint venture between Avalon Park Group and sitEX. sitEX has found that land development, in particular buying land at predevelopment stage is more lucrative than home building in regards to profit margins. After the financial crisis of 2008, the large US homebuilding companies were not in a financial position to make commitments for land, and were not willing to follow our design requirements for single family homes. Avex Homes was made to be placed in competition with traditional homebuilder clients, by being the developer as well as the homebuilder. It has grown from a startup company to the third largest privately owned homebuilder in Central Florida. During 2020-2022, while COVID-19 was a large challenge for many businesses, the Central Florida homebuilding market boomed. A record amount of people moved from the northeast and west of the USA to Florida, combined with record low interest rates for mortgages, Avex Homes and many other homebuilding companies enjoyed record high sales and profits. sitEX saw it as an opportune time to sell the homebuilding company.
Orlando, FL 32828, USA
Exit in September 2021
Real estate development
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