Excited to see the progress of our master planned community NorthShore, located along the St. Mary’s River in Camden County, Coastal Georgia. This 629-home community at build out includes a market-leading, resort-style amenity package including a 3,400 sqft clubhouse, boat launch, floating dock, observation deck, playground, and passive recreational/sports fields.
NorthShore is a classic Drapac investment play: we identified a prime asset in an undervalued growth market, acquired it for a fraction of the infrastructure value, and added significant value during the hold period by undertaking thoughtful and strategic initiatives to restore and improve the community.
A critical piece of our investment strategy has been to bring in multiple homebuilding partners including 1) Century Communities (NYSE: CCS), 2) Maronda Homes, and 3) Smith Family Homes. This approach has resulted in tremendous success for both the builders and overall community; builders are seeing strong absorption and price growth, and the community is appealing to a wider audience with a range of products and price points.
Camden County is experiencing significant growth due to shifting demographic factors (+8% population and +26% household income growth over the last 5 years) and the expansion of regional economic drivers, which has translated directly to increased demand and home sale prices (+64% over the last 5 years).
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Congratulations to the Ironstate team on both of these amazing acheivements and th 14 communities who were recognized for their excellence in resident satisfaction based on renter feedback! 🎉