Strata Land Partners (company logo; layout adapted).
Wafra and Hunt Companies launched Strata Land Partners on Monday, November 2, with projects comprising about 1,300 single-family homebuilding lots, creating a land-finance platform for public and private homebuilders and developers across the United States.
The venture will help builders secure land, finance residential lot development and manage capital, according to the companies’ launch announcement. Neither the size of the partners’ capital commitment nor the locations of the initial projects were disclosed.
Strata is led by Chief Executive Officer Mike Forsum, most recently president and chief operating officer of Landsea Homes. The companies said Forsum brings more than 40 years of homebuilding experience to the platform.
The business is aimed at builders seeking a capital partner for the land and lot-development side of housing construction. Wafra described Strata as part of its approach to investing in real estate businesses that require operating expertise alongside capital.
Wafra Managing Director Ryan Brenner said the platform is intended to help builders deliver homes while managing uncertain market conditions. That is the partners’ stated aim, rather than a disclosed forecast for home completions or an independently measured reduction in housing costs.
New York-based alternative investment manager Wafra backs the platform alongside Hunt, an El Paso-based investment and real estate company. The announcement did not give a timetable for expanding beyond the initial projects.
JBizNews Desk | New York
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