LGIH buys 18 lots in Green Level, NC

That’s $33K per lot and the home will proably sell for $180-190K.


More lots have been sold for a subdivision in northeastern Alamance County that will eventually include about 240 houses.

LGI Homes (NASDAQ: LGIH) based in The Woodlands, Texas, earlier this month purchased an additional 18 lots in the Bedford Hills subdivision in Green Level, following its initial purchase last fall of 20 lots. The company paid $600,000 for the 18 lots. The seller was Green Level Group LLC.

Bedford Hills is between N.C. 49 North and Mebane Rogers Road. Green Level annexed 93 acres for the subdivision last year.

Michael Douglas, Green Level’s town administrator, said the project’s first phase will include 95 houses, about half of which have been completed. He said the houses are selling in the range of $150,000 to $225,000.

“The houses are selling very quickly; the owners are happy,” Douglas said. “The (town) council and myself are completely ecstatic.”

He said Green Level is providing water and sewer to Bedford Hills. It’s common for a developer like Green Level Group to purchase land, then sell the individual lots to builders after providing amenities such as water, sewer, paved streets, curbs and gutters…"