VOL. 124 | NO. 226 | Tuesday, November 17, 2009
FOCUS Real Estate & Development
Arlington Subdivision Coughs to Life
By Eric Smith
HOME, SWEET HOME: Grant & Co. plans to build 45 homes in Cambridge Manor Planned Development in Arlington. The homes will range from 2,600 to 3,600 square feet with prices starting in the $220,000s and averaging around $230,000 or $240,000. Cambridge Manor homes will have eight floor plans. – IMAGE COURTESY OF GRANT & CO.
After a few years of starts and stops, a host of liens and other financial woes, the Cambridge Manor Planned Development in Arlington is finally getting under way.
Grant & Co. paid almost $1.9 million for all 45 lots of the subdivision’s first phase and plans to bring a model home plus six speculative homes to the development within the next 90 to 100 days, said company president Keith Grant.
Three homebuilding companies, all part of the Grant & Co. family business, plan to break ground on the subdivision immediately because of a dearth of new product in the town.
“There’s just not that many new homes on the market in Arlington anymore,” Grant said. “A lot of them have sold out and there hasn’t been a lot started to replace the inventory. So we’ve seen a lot of opportunity out there, and we’ve had good experiences with Arlington in the past.”
The Cambridge Manor sale occurred in four separate transactions. In the first, Kevin Hyneman Cos. sold 38 lots to Phyllis Taylor (Grant’s aunt) for $1.6 million; in the second he sold four lots to Keith and David Grant Homes LLC for $168,888; in the third Hyneman sold two lots to Richard Grant Homes LLC for $84,444; in the fourth he sold one lot to Kim Grant Homes LLC for $42,222.
The new plat for the subdivision’s first phase was recorded within the past two weeks. Grant said he wanted to make sure the plat and covenants were recorded and the homeowners association was set up before making the deal happen.
Grant plans to build homes that have a minimum square footage of 2,600 ranging up to 3,600 square feet. With prices starting in the $220,000s and averaging around $230,000 or $240,000, homes will start at $85 per square foot.
The lots average about 18,000 feet, or close to half an acre, so Cambridge Manor’s will be considered estate homes.
“What’s nice for the homebuyers or prospective homebuyers is that they’re able to move into a community that several years ago would have easily been $350,000 homes,” Grant said. “Now they’re going to be in there at $230,000 or $240,000 homes in a higher-end subdivision.”
Cambridge Manor LLC developed the Cambridge Manor subdivision. Kevin Hyneman Cos. took over the development when financial troubles hit because of a sour housing market. Hyneman said he spent $350,000 or $400,000 to finish the neighborhood, bringing roads and sewer connections to Cambridge Manor. Hyneman said his company hoped to build there, but now that it’s complete and in the hands of the Grants, he expects Cambridge Manor to be successful.
“There are no negatives to it, only that initially, when we were going to be involved, we were hoping to have the minimum square footages lowered to 2,000 and we weren’t able to get the footages lowered,” Hyneman said. “The Grant family actually wanted them all and didn’t have any problem with the 2,600-square-foot minimums, so we just decided to finish the neighborhood and let them control the 45 lots.
“Their family’s on top of it, they’re one of the builders that are surviving this market, so they’ll do very well out there,” Hyneman added. “They’ve got a good product, and Arlington’s the place to be.”
Town and country
Grant said he had his eye on Cambridge Manor as far back as a year, but financial issues stalled the development. So when everything was cleared, the company moved quickly.
“Arlington does not have the supply of lots that other communities have, and it’s a very desirable part of Shelby County,” he said. “With that being said, we were wanting to go out there knowing that there wasn’t an oversupply of lots as there are in other parts of town.”
Grant also will close on lots in the adjacent subdivision of Maple Grove. It’s yet another Arlington community for the company, which last built in the town a few years ago with Arlington Trace.
Arlington’s 38002 ZIP code this year (through October) has seen 187 sales at an average of $287,816, or $90.75 per square foot. Combining new and used homes and condos, Arlington has notched 634 sales at an average of $234,720, or $85.53 per square foot.
Grant said proximity to Interstate 40 is attractive, plus the extension of Tenn. 385, soon to be I-269, will place Arlington much closer to everywhere from Millington to Collierville.
Grant touted Arlington’s schools and some of its recent commercial developments – “your grocery stores, your McDonald’s and your gas stations,” Grant said – as reasons for the town’s growing demand.
“You have that commercial activity out there now also where they’re not having to drive into town to go to the grocery store like they used to a few years ago,” Grant said.
Cambridge Manor has other future phases planned, but the development of those could be years away, Grant said.