David Weekley Homes purchased an office building in northwest Houston to expand local operations.Â
The Houston-based homebuilder purchased the 49,000-square-foot building at 8847 West Sam Houston Parkway from NewQuest Properties, the Houston Business Journal reported. The purchase price was not disclosed, but Harris Central Appraisal District values the property at $8.22 million, or $167 per square foot.Â
The building, off Beltway 8, offers proximity to many of the communities where David Weekley Homes builds. It enables the homebuilder to streamline operations and improve team access to projects.
The firm plans a complete redesign to create an expansive layout with a design center and a multipurpose auditorium that will host internal events. David Weekley Homes plans to complete renovations by the end of the year.Â
The acquisition comes during a period of growth and transition for David Weekley Homes, marked by recent leadership changes. Jay Brown, the former CEO of Crown Castle, has taken over as CEO, succeeding John Johnson, who had led the company since 2005.Â
Founded in 1976, David Weekley Homes operates in 19 markets. In Houston, the company ranks as the fifth-largest homebuilder, recording 1,627 sales in the 12 months ending in October. Among homebuilders headquartered in Houston, it is the second-largest, following Perry Homes.
The Houston metro is leading the nation in homebuilding due to high demand and a lax regulatory environment. Homebuilders in the market received 232,810 permits between January 2020 and August 2023. The luxury segment, homes priced over $1 million, has also seen an uptick. Luxury listings last year were predominantly concentrated in two neighborhoods, River Oaks and Memorial. River Oaks recorded eight of the 11 top listings, while Memorial had three.
— Andrew Terrell
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