Out with the Old, In with the New
While it hasn't been much fun for most residential developers and builders in the Atlanta region over the last several years, W&H has negotiated the rough waters better than most. During the economic downturn, they were able to capitalize on opportunities that emerged. "We purchased and built out twelve great communities. It's really rewarding to be a part of the healing process. We took abandoned properties that looked terrible, built them out, refreshed landscape and repaired infrastructure. Experiencing the positive transformation of communities is rewarding, and now we are seeing values stabilize and actually start moving up", according to Henson.
W&H and its affiliates, Sansea Properties, Red Oak Construction, Polk Street Development and Fortress Builders were able to construct and sell over 600 homes since 2007. Doing so has allowed them to maintain critical relationships with lenders, vendors, and all sub-contractors. "Hopefully it was the test of a lifetime", quipped Principal Skip Harper. "We've endured a couple of these recessions, and some of our partners have survived four. I'm incredibly proud of our team members. We persevered as a group and have bonded tighter. Now, I'd like to see them all prosper again."
W&H will begin marketing under a new name, Fortress Builders, going forward. "We built and marketed over 2,000 homes under Red Oak Realty since 2001. Our primary focus prior to the Great Recession was creating first time homeowner communities in Cobb County. Many of those sales involved homeowner assistance programs that are no longer available. We've shifted direction to the move-up market, the active adult segment, and the young urban professional market", says Colby Henson. "We thought it was an appropriate time to re-brand ourselves as Fortress. We endured the 'war' and now we're fortified, and better poised to take advantage of the upsurge in demand. We will be launching our new website, www.BuiltbyFortress.com in a couple of weeks. It's all smiles and backslapping now at our sales meetings. The tide has finally turned."
With a combined total of over 140 years of real estate experience, the five principals of the Fortress Team have set a positive course for the future. Though tested intensely throughout the Great Recession, they proved their integrity to their bankers, suppliers, sub-contractors, team members and each other. According to Harper, "Relationships are what it's all about. We are grateful for our relationships that have endured the tests of time."
Fortress is now building in 11 wonderful communities in Cobb and Cherokee Counties and control approximately 300 lots in Church Hill, Covered Bridge at Barnes Mill, Spring Street Village, Anderson Circle, Concord Lake Village, Vineyard Place East, Bruster Manor, Concord Village, Cobblestone Ridge, The Farm at Brookstone and Harmony on the Lakes. Three more neighborhoods are on tap; Brookstone Manor, Barrett Green, and Cyrus Creek.
"One of our advantages over the years is that we have been able to acquire good properties at fair prices,"
suggested Harper, a land broker since 1985. The land brokerage division of the Fortress Team is Harper Southeastern Properties. Founded in 1989, the company has brokered thousands of land transactions with gross sales approaching one billion dollars. "Being active in land brokerage keeps us immersed in the land and lot market. It also helps pay the bills. During recessions, we shift our focus to representing lenders in the disposition of their OREO portfolios. Since 2007, we have sold approximately 70 properties for a dozen different lenders generating sales of approximately $35 million. We executed this same contingency plan during the Savings and Loan Crisis of the early 1990s."
According to Henson, "We will continue to do what we love.providing people great places to live. We're looking forward to this next run, and getting back to having fun!"
www.builtbyfortress.com
