2:37 PM EDT, May 18, 2011
Two western Virginia homebuilders and real estate development firms are joining forces. Boone Homes of Roanoke and Graham Thomas made the announcement in a news release Wednesday morning. They are forming a new company with operations in Roanoke County, the city of Roanoke, the city of Salem and the town of Blacksburg.
Here is the text of the new company's news release:
BOONE HOMES OF ROANOKE AND GRAHAM THOMAS, LEADING LOCAL HOMEBUILDERS AND REAL ESTATE DEVELOPERS, ANNOUNCE NEW COMPANY.
Roanoke, Virginia. Alexander Boone, Brad Graham, Kelly Gladden and Joe Thomas, Jr., principals of Boone Homes, Inc. of Roanoke and Graham Thomas, respectively, announce the formation of Boone Graham Thomas, a homebuilding and real estate development firm with current operations in Southwest Roanoke County, Western Roanoke County, the City of Roanoke, the City of Salem and the Town of Blacksburg.
Alexander Boone, President of Boone Homes of Roanoke, explains, “We are excited to announce the formation of Boone Graham Thomas. Together, we will offer homebuyers the most diverse housing choices in western Virginia. From single family homes starting in the mid-200’s, no maintenance villas at many prices, and custom homes over $1 million, Boone Graham Thomas can serve the needs of any buyer in our markets. We offer more housing options that anyone west of Richmond.”
Brad Graham of Graham Thomas adds, “The efficiencies of a combined operation will allow us to pass on the savings to our customers, which just makes today an even better time to buy a new home. History will show that this was the best time to buy a new home in a generation. Additionally, increased sizewill allow us to expand in our different markets immediately. We already are looking at new communities to add to our current offerings in Russlen Farms, the Fairways at Hanging Rock, Hampshire, Devoncroft, Coach Homes of Southwood, The Ridge at Fairway Forest and the Hills of Castle Rock and new opportunities in Blacksburg.”
While the real estate market has been in a downturn after a 15 year boom, housing is beginning to recover. “Our phone is ringing more now than it has in four years”, said Kelly Gladden, Vice President of Graham Construction. “We believe that this is the perfect time for a strategic affiliation with Alexander Boone, as we will be better positioned to take advantageof a strengthening marketing” “From my perspective, the strategic benefits of the new company made joining together an easy decision,” explains Alexander Boone. “Our future is very promising, because together we own most of the remaining large, developable tracts of land in the Roanoke Valley, including the future Wilton of South Roanoke community, The Ridge at Fairway Forest, a new custom home community adjacent to Hidden Valley Country Club, more than 150 additional acres in close-in Southwest County locations and close to 300 lots in Russlen Farms in Western Roanoke County and the Fairways at Hanging Rock. We are well positioned in the real estate recovery for the locations in which people want to live.”
Boone Homes of Roanoke and Graham Thomas will continue to sell and support its existing homes and those still for sale. As part of this transaction, Len and Jo Anne Boone, the most recognizable names in Roanoke Valley real estate, sold Boone Homes of Roanoke to their son, Alexander Boone, the current President, and turned their sole business focus to continuing the strong growth of Boone Homes of Richmond, which remains under the ownership and direction of Len, Jo Anne and Alexander Boone, along with David Owen, the President of Boone Homes in Richmond who is responsible for the daily management of the company. Boone Homes of Richmond has been one the largest privately-held homebuilders in Virginia, and because of its dynamic products and outstanding locations, is experiencing a strong year of increasing sales. “We intend to continue accelerating our growth in Richmond and our position as the leading luxury homebuilder in the Richmond metro area”, said Alexander Boone, who will remain active in the management of Boone Homes in Richmond as well as Boone Graham Thomas.
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