Reston-based Stanley Martin Homes recently acquired two unbuilt local housing developments and a new section in an existing development from Richmond-based Royal Dominion Homes for an undisclosed price.
Royal Dominion President Roger Zurasky said his company, headquartered in Glen Allen, is in the process of transitioning its 18-or-so employees to Stanley Martin. He said the deal is not an acquisition of his company as a whole and Royal Dominion will remain a separate entity.
Zurasky and his 7-year-old company will hold on to six of its subdivisions that still have lots to be built. He said the company will begin to “wind down” its operations over the next year or so as those remaining assets are sold.
“I just felt it was a good move for us,” Zurasky said of cutting a deal with the larger Stanley Martin. “It was a good fit for us to grow larger than what we could as Royal Dominion.”
Stanley Martin didn’t respond to calls about the transaction. Zurasky now serves as vice president/division manager at Stanley Martin.
As part of the deal, Stanley Martin acquired new developments Liesfeld Farm at Bacova and The Reserve at Pouncey Tract in Henrico County and Royal Dominion’s piece of Collington in Chesterfield County, Zurasky said.
“They felt those locations are very desirable,” he said.
Stone Harbor in Chesterfield County and Honey Meadows in Hanover County are among the six developments Royal Dominion will retain, Zurasky said.
The transition of Royal Dominon’s employees and the three properties into Stanley Martin is expected to be completed by the end of spring, which is when the company also will begin selling and constructing its new Richmond homes.
Zurasky started Royal Dominion in 2007 and the company grew into one of the top builders in the city. According to lists compiled by Richmond BizSense, Royal Dominion built 95 houses in 2011 and 87 in 2012, placing it sixth among local builders in each of those years.
The three projects Stanley Martin acquired from Royal Dominion will give the firm a foot in the door of Richmond’s higher-end housing market.
Liesfeld Farm, located off Bacova Drive near Pouncey Tract Road, will consist of 67 luxury houses, all at least 3,000 square feet and starting out at about $500,000, Zurasky said.
The Reserve at Pouncey Tract will have 16 home sites at about the same price and size as the Liesfeld Farm houses. The all-brick houses will be built off Pouncey Tract Road near Shady Grove Road.
At Collington, an existing community near Hull Street in Chesterfield County, Zurasky said Stanley Martin will build 40 houses in a new section. The houses will be at least 2,700 square feet and will start in the $300,000’s.
Founded in 1966, Stanley Martin has built homes in Maryland, Northern Virginia and Charlottesville, according to its website. In addition to an expansion into Richmond, the company also plans to begin building houses in North Carolina.
This is at least the second deal by Stanley Martin in the last year or so. The company expanded into the Charlottesville market by acquiring Piedmont Realty & Construction for an undisclosed price in early 2013.