Project: Wincopia Farms, 128-acre farm planned for 171 premium single-family and 49 premium townhome lots in Laurel, Howard County, Maryland
Parties: Fraser Forbes represented the seller, G&G, in the sale to Beazer Homes.
Highlights: Fraser Forbes was exclusively retained to market Wincopia Farms despite the owner having already received over a dozen offers. Each offer was less than $30M, and we were confident we could achieve a sales price above that, based on our internal valuation, which greatly exceeded buyer or seller expectations at the time. We successfully cultivated more than twenty offers for the seller, landing with Beazer Homes at a price of $41M, with deferred consideration yielding an additional $1M.
Project: Bentley Park, 320 single-family lots and 65 townhome lots in Laurel, Prince George’s County, and Burtonsville, Montgomery County, Maryland
Parties: Fraser Forbes represented the seller, Artery Capital, in the sale to NVR, Inc.
Highlights: Fraser Forbes was exclusively retained by Artery Capital to market Bentley Park, which had a right of first refusal in place with the region’s largest homebuilder. We had to exceed pricing already established in the mid $20M’s or risk not getting paid.
Project: Former location of Good Counsel High School consisting of 14.76 acres that was rezoned for 200 townhome lots in Wheaton, Montgomery County, Maryland
Parties: Fraser Forbes represented the seller, Good Counsel High School, in the sale to Joint Venture by Centex Homes and John Laing Homes.
Highlights: Fraser Forbes was requested to investigate and assist with a strategic plan to relocate Good Counsel High School. We conducted an area land search to determine suitable relocation choices. Next, we completed an analysis to determine the strategy, costs, process, team assembly and timeline to undertake this complex endeavor, and collaborated with a team of attorneys, planners and engineers. We then identified the appropriate buyer, helped to negotiate the transaction, and assisted with the multiple steps and several years needed to bring this deal to fruition.
Project: Hillwood Square, 20-acre infill property planned for 461 multifamily units in Falls Church, Fairfax County, Virginia
Parties: Fraser Forbes represented the seller, Hillwood Square Mutual Association, in the sale to Avalon Bay Communities.
Highlights: Fraser Forbes was exclusively retained by 160 individual members of a cooperative. This extensive undertaking entailed pulling together an extraordinarily large number of property owners, finding consensus with sales goals and then commencing with a marketing process that ultimately yielded the owners a buyer and closing that exceeded their valuation estimates.
Project: Symphony Park, 112 luxury townhome lots adjacent to Strathmore Performing Arts Center, in North Bethesda, Montgomery County, Maryland
Parties: Fraser Forbes represented the seller, Association of Hearing and Speech, in the sale to Michael Harris Homes.
Highlights: Fraser Forbes orchestrated a land sale of $15M in the heart of the real estate and housing recession of 2010. Virtually no large-scale residential land transactions were occurring. With us at their side, the seller was able to receive a substantial amount for their land and also received deferred consideration on home sales which were anticipated to add another $5M.
Project: Evergreen Rural Village (Martins Chase), 304 single-family lots in Ashburn, Loudoun Country, Virginia
Parties: Fraser Forbes represented the seller, Centex Homes, in the sale to KB Home.
Highlights: After exhausting all avenues of trying to sell the property directly, Centex Homes realized they needed immediate assistance and called on Fraser Forbes. The division President of Centex called Rich Samit, the CEO of Fraser Forbes, in hopes of closing a deal within 30 days to meet their fiscal year-end. Rich reached out to local and national markets, and within 27 days, found a buyer that closed the deal with $62,000,000 in cash.
Project: Thompson Property, 16.16 acres of land planned for 141 luxury townhomes in Fairfax, Fairfax County, Virginia
Parties: Fraser Forbes represented the buyers, NVR and Timber Ridge, in the sale from Thompson Family.
Highlights: As one of the few remaining large parcels in Fairfax County, the bidding process for the property was extremely competitive with numerous large public homebuilders vying for the deal. Fraser Forbes was instrumental in bringing the right team together and helping them win this coveted property.
Project: Crown Farm, 180-acre farm planned for mixed-use consisting of approximately 2,000 residential units and retail/commercial space in City of Gaithersburg, Maryland
Parties: Fraser Forbes represented the buyers, KB Home of Maryland and Centex Homes, in the sale from Crown Families.
Highlights: Fraser Forbes hand-picked and exclusively represented a team of two powerful, publicly traded homebuilders, Centex Homes and KB Home of Maryland, in a highly competitive landscape with intense bidding from other buyers, ultimately successfully consummating the transaction.
Project: Lake Linganore at Eaglehead, 5,000 residential lots and 1,000,000 square feet of commercial space in New Market, Frederick County, Maryland
Parties: Fraser Forbes represented the buyer, Calvert Development, in the sale from Lake Linganore.
Highlights: Fraser Forbes brought a local developer and an international investor together to buy the company that owned the property, saving them from foreclosure. Lake Linganore was the largest land deal in Frederick County’s history at that time.
Project: Potomac Yard, approximately 2,000 residential units and 1,150,000 square feet of retail/office in City of Alexandria, Virginia
Parties: Fraser Forbes represented the buyers, Pulte Homes and Centex Homes, in the sale from Crescent Resources (a subsidiary of Duke Energy).
Highlights: After Fraser Forbes initially approached Crescent Resources and was rebuked, we went to market and created a JV with two of the region’s largest homebuilders. Crescent was reportedly in the process of accepting a $65M contract prior to our arrival. We then submitted a $105M offer which was immediately accepted. This resulted in an additional $40M profit to the seller.
Project: Lansdowne, over 1,000 residential units, land for a new 18-hole Jack Nicklaus golf course and commercial land in Leesburg, Loudoun County, Virginia
Parties: Fraser Forbes represented the buyers, Centex Homes, Beazer Homes, Van Metre Company and Laing Homes, in the sale from Xerox.
Highlights: With Lansdowne, Fraser Forbes facilitated the largest land deal of its kind at the time in the Washington, DC/Virginia area. We began by approaching Xerox to facilitate a sale. To support the deal, we built a team of 4 competitors in Washington, DC, assembling an unprecedented partnership, and structured a deal the likes of which had never been done in the Washington, DC metro area. We then sold 300 lots for over $30,000,000, reducing the land basis by 55% and producing an immediate financial gain for the partnership.
Project: Edison Tech, 220,000 square foot commercial warehouse in Gaithersburg, Montgomery County, Maryland
Parties: Fraser Forbes represented the seller, Finmarc Management, in the sale to Montgomery County.
Highlights: Fraser Forbes exclusively represented the seller marketing this existing warehouse with redevelopment plans to convert it into a 220-unit residential lot community. As the property was being marketed for residential development, we were able to secure the buyer at a considerably high value at a time when the residential and commercial real estate markets were very anemic.
Project: Hollywood Casino, 75,000 square foot gaming facility in Perryville, Cecil County, Maryland
Parties: Fraser Forbes represented the buyer, Penn National Gaming, in the sale from Principio Iron Co.
Highlights: Fraser Forbes represented the buyer and assisted them with finding a site to build the first ever casino to open in the state of Maryland.
Project: Potomac Farms, 67 acres of commercial land in Broad Run, Loudoun County, Virginia
Parties: Fraser Forbes represented the seller, Dick L. Jackson, in the sale to Meladon Park
Highlights: Fraser Forbes represented the seller in the sale of 67 acres of commercial property. The buyer purchased it as-is, with plans for 1,200,000 square feet of office and biotech development.
Project: Evaluate 40 separate assets in Maryland and Virginia comprising the Mid-Atlantic portion of their land portfolio to support the client in a $1B+ bid
Seller: Out of Market Public Homebuilder
Highlights: Fraser Forbes evaluated the net present value of 40 assets in various stages of entitlement, development and construction. The valuation of the assets was part of a larger national effort to purchase a large REIT. The assets were scattered across 2 states and 8 jurisdictions and included spec homes, model homes, developed land, raw land and unentitled land.
Project: Project management in Howard County, Maryland for an out-of-town owner
Seller: Greenfield Partners
Highlights: Fraser Forbes acted as the owner’s local representative for the purposes of planning and engineering the project, the first of its kind in a new and complicated zone in Howard County. We guided the planning and engineering team as the owner negotiated with county representatives to gain plan approval.
Project: Evaluate and develop a strategy for creating the greatest amount of value for a 27-acre metro-centric property owned by 10 individual group owners in Reston, Virginia
Seller: Center for Educational Associations (CEA)
Highlights: Fraser Forbes undertook an exercise that included creation of a unified business plan, market and legal analysis, land planning, development, construction, and project phasing to determine the highest and best-use redevelopment potential. We also created a marketing strategy to successfully execute a transaction of great complexity.
Project: Coordinate the application preparation for expansion in Prince William County, Virginia
Seller: Potomac Landfill
Highlights: Fraser Forbes worked as a part of a team that included land planners, structural engineers and attorneys to prepare the application and justification to the Commonwealth of Virginia and the Town of Dumfries for an expansion of the Potomac Landfill that would ultimately triple the amount of landfill volume remaining at the facility and add as much as $50M in revenue over the life of the life of the landfill. Our efforts included developing a proposed plan for the adaptive re-use of the site once the landfill is closed.
Project: Develop a land plan to generate the greatest land value in the City of Frederick, Maryland, and address existing market conditions and project financial constraints
Highlights: Fraser Forbes worked to develop a land plan utilizing a mix of products that generated the greatest amount of land value while attempting to segment the housing types to best speed absorption. This process included undertaking a development cost exercise as well as organizing a value engineering workshop. Once a “best fit” plan was created, the plan was negotiated through the city staff.r