When Silicon Valley Bank shut down on Friday, it sent politicians and executive scrambling to contain shockwaves through California’s broader economy. The collapse caused massive losses beyond the tech and startup scenes; the bank was also a key lender for other industries, including affordable housing development. In San Francisco, construction has stalled, for example, on The Kelsey Civic Center — a 112-unit low-cost housing project that was supposed to break ground this week with a $52 million loan from SVB.

You may know Don Mullen as one of Wall Street’s hardest-driving executives—or as your landlord. The son of an elevator repairman, Mullen shot through the ranks of Salomon Brothers, Drexel Burnham Lambert and Bear Stearns. During his 11 years at Goldman Sachs Group Inc., he played a key role in the company’s sale of investments backed by subprime mortgages just as the housing market crashed—part of a trade sometimes referred to on Wall Street as the “Big Short.” In 2009 he traveled to some of the US’s worst-hit communities, spending $25 million of his money to buy distressed properties, before deciding to expand it into a business. He founded Pretium Partners LLC in 2012, turning it into a $51 billion asset manager and one of the country’s largest private owners of ­single-family homes and rentals.

Pretium tells investors it aims to achieve percentage returns in the mid- to high-teens over a long period of time, according to Mullen. But he declines to say more because, in his words: “I’m in a highly politically sensitive asset class.” He didn’t elaborate.

COEUR D'ALENE, Idaho, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Architerra and Selkirk Construction have announced they will be strategically combining in 2023 to strengthen both organizations and provide more options to home buyers. By combining Selkirk's expertise in the custom on-your-lot home building and Architerra's regional reach as a leading developer of thoughtfully planned neighborhoods, home buyers will have expanded options to build the home of their dreams in Architerra's communities or on their own land.

What Does This Mean for Selkirk Construction & Architerra?
Selkirk and Architerra have already been collaborating on several other projects, including the Parkllyn Estates. This and all existing projects and agreements under both companies will continue as previously planned with expanded resource pools as the two companies combine. Selkirk is moving from their current office location to the new combined office located at 1859 N Lakewood Dr Suite 200, Coeur d'Alene. The two companies will now offer home buyers a diverse array of home-building and buying options that will fill a much-needed gap in our regional market.

Sales of new US homes unexpectedly rose in November, suggesting some stabilization in demand as mortgage rates eased late in the month from their highs.

Purchases of new single-family homes increased 5.8% to an annualized 640,000 pace last month after rising in October, government data showed Friday. The median estimate in a Bloomberg survey of economists called for a 600,000 rate.

PATERSON, N.J., Jan. 03, 2023 (GLOBE NEWSWIRE) -- Thrive at Montvale is an innovative state-of-the-art senior complex with luxury design features that encourage social interaction. Pike Construction, Co. LLC, was the General Contractor of this development and Co-Developer, along with Thrive Senior Living. The Architectural team of HQW Architects of Sparta, NJ, and Reach Architects of Austin, Texas, provided architectural design services.

Thrive at Montvale took second place honors in the Assisted Living Category and also earned a second-place award for the Independent Living category. The independent living category includes all newly developed rental senior housing or senior apartments.

Thrive at Montvale is a 215,000 sq ft facility comprised of 203 rental units, 90 independent living units, 81 assisted living units, and 32 memory care units.

The facility is the first partnership project between Thrive Senior Living, Atlanta, GA, and Pike.

Pike is a family-owned company based in Paterson, New Jersey. Pike is a general contracting and real estate development firm established in 1958. Since its inception, the company has built more than 15,000 senior housing units ranging in project size from $10 million to over $150 million in total construction costs.

NORTH PRINCE GEORGE, Va., Dec. 28, 2022 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced further expansion into the Richmond market with the opening of its newest community, The Meadows at Prince George.

Located just twenty-five miles south of Richmond, near I-295 and I-95, The Meadows at Prince George provides easy access to grocery stores, shopping, fantastic dining opportunities and an array of amenities. Minutes from the community, residents have a variety of incredible parks to explore including Hopewell Riverside Park, The James River National Wildlife Refuge and Powell's Creek Nature Trail. In addition to these fantastic area amenities, homeowners will enjoy a 4-acre community park featuring a children's playground and picnic pavilion.

About LGI Homes, Inc.
LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes. As one of America's fastest growing companies, LGI Homes has a notable legacy of more than 19 years of homebuilding excellence, over which time it has closed more than 50,000 homes and has been profitable every year. Headquartered in The Woodlands, Texas, LGI Homes has operations across 35 markets in 20 states and, since 2018, has been ranked as the 10th largest residential builder in the United States based on units closed. Nationally recognized for its quality construction and exceptional customer service, LGI Homes' commitment to excellence extends to its more than 900 employees, earning the Company numerous workplace awards at the local, state and national level, including Top Workplaces USA's 2022 Cultural Excellence Award. For more information about LGI Homes and its unique operating model focused on making the dream of homeownership a reality for families across the nation, please visit the Company's website at www.lgihomes.com.

IRVINE, CA, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The Building Industry Association of Southern California (BIASC) has announced the nomination of industry trailblazers Michael Battaglia and Leonard Miller to the prestigious California Homebuilding Foundation Hall of Fame. The annual Hall of Fame distinction honors outstanding leaders in the homebuilding industry while supporting the Foundation's investment in scholarships, research, and education.

A fourth-generation homebuilder, Battaglia is currently Southern California Division President for The New Home Company. Throughout his longstanding career, Battaglia has developed more than 1,500 homes throughout Southern California, and is continually revered for his exemplary, team-focused approach to homebuilding. Battaglia has held several significant industry leadership positions, including Chair of the California Building Industry Association and its Government Affairs Committee, Chair of BIASC, Vice-Chair of its Government Affairs Committee and Chair of its PAC.

As CEO of BrightSky Residential, a Build-to-Rent homebuilder, Miller is an innovative leader in enhancing customers' 360-degree experiences – from forging the most forward-thinking new home designs for today's discerning buyers to developing systems that continually elevate customer service and satisfaction. In his former positions at Richmond American Homes and The New Home Company, Miller led his teams to become #1 in the nation for positive buyer experiences, a testament to his skill and dedication. Miller has also held several industry leadership positions, including BIASC Chair, Board President of BIA's Riverside County Chapter, and Board Member of its Orange County Chapter.

FORT WASHINGTON, Pa., Dec. 06, 2022 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (TollBrothers.com), the nation's leading builder of luxury homes, today announced results for its fourth quarter ended October 31, 2022.

FY 2022's Fourth Quarter Financial Highlights (Compared to FY 2021's Fourth Quarter):

• Net income and earnings per share were $640.5 million and $5.63 per share diluted, compared to net income of $374.3 million and $3.02 per share diluted in FY 2021's fourth quarter. As previously disclosed, net income in the fourth quarter includes a $138.4 million net pre-tax benefit primarily related to the settlement of the Company's claims associated with a natural gas leak that occurred in Southern California in late 2015.
• Pre-tax income was $841.1 million, compared to $499.7 million in FY 2021's fourth quarter.
• Home sales revenues were $3.6 billion, up 21% compared to FY 2021's fourth quarter; delivered homes were 3,765, up 13%.
• Net signed contract value was $1.3 billion, down 56% compared to FY 2021's fourth quarter; contracted homes were 1,186, down 60%.
• Backlog value was $8.9 billion at fourth quarter end, down 7% compared to FY 2021's fourth quarter; homes in backlog were 8,098, down 21%.
• Home sales gross margin was 26.9%, compared to FY 2021's fourth quarter home sales gross margin of 23.5%.

Douglas C. Yearley, Jr., chairman and chief executive officer, stated: "Despite the many challenges facing our industry over the past year, we delivered record results in FY 2022, closing the year with our strongest quarterly earnings ever. In our fourth quarter, we delivered 3,765 homes, generated home sales revenues of $3.6 billion and increased earnings by 86% to $5.63 per share diluted as compared to Q4 2021. Driven by the strong pricing in our backlog, our fourth quarter adjusted gross margin was 29.0%, a 310-basis point increase compared to Q4 2021, and our fourth quarter SG&A expense, as a percentage of home sales revenues, improved by 110 basis points over Q4 2021 to 7.7%. For the year, we delivered over 10,500 homes and grew home sales revenues by 15.2%, posted an adjusted gross margin of 27.5%, decreased SG&A margin by 80 basis points and improved our return on beginning equity by 720 basis points to 24.3%. We earned a record $10.90 per share diluted and increased our book value to $54.79 per share. I am pleased with these results and proud of the extraordinary efforts of the entire Toll Brothers team.

Overall construction starts are expected to be flat in 2023, following a 17% increase in 2022, Richard Branch, chief economist at Dodge Construction Network, said during the 2023 Dodge Construction Outlook. Branch presented the outlook on Nov. 15, noting that the forecast assumes the U.S. will narrowly avoid recession.

AUSTIN, Texas, Nov. 1, 2022 /PRNewswire/ -- Standing taller than any current building in Austin, Sixth and Guadalupe has topped out at its final height of 865 feet. This much-anticipated milestone has been two and a half years of a steady vertical climb and was met successfully, even with a backdrop of skilled labor shortages, a pandemic, and market inflation.

Sixth and Guadalupe is owned and managed by Kairoi Residential, Lincoln Property Company, and DivcoWest. Construction is led by JE Dunn Construction and designed by Gensler.

"To accomplish the top out of Sixth is big for this team and for me personally," said Steve Welton, Vice President, and Project Executive for JE Dunn, and who has been a leader on the project since it was awarded to JE Dunn in late 2017. "This project challenged our team and has truly taught us the meaning of accountability, teamwork, client and design team alignment, and honestly, why we choose to work in construction. I'm so proud of our people."

INCLINE VILLAGE, Nev., Sept. 27, 2022 (GLOBE NEWSWIRE) -- Tri Pointe Homes® (NYSE: TPH), one of the largest homebuilders in the U.S., has been recognized as one of the 2022 Best Workplaces for Women™ by Fortune Magazine and Great Place to Work®. This is the homebuilder's third Best Workplaces accolade for 2022—recently being honored as a Best Workplace in Construction™ for 2022 and Fortune's Best Workplaces for Millennials™ for 2022.

In the 2022 Great Place to Work® survey, 95% of Tri Pointe Homes' women employees said Tri Pointe Homes is a great place to work, which is 5% higher than the average for Fortune's 100 Best Companies to Work For.

About Tri Pointe Homes®
One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company and a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities in 10 states, with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards, most recently in 2019. The company made Fortune magazine's 2017 100 Fastest-Growing Companies list, was named as a Great Place to Work-Certified™ company in both 2021 and 2022 and was selected by Great Place to Work® as a Best Workplace for Millennials™ in 2022 and a Best Workplace in Construction™ company in 2022. For more information, please visit TriPointeHomes.com.