Ribbon gets $225M cash infusion
A Charlotte and New York-based technology startup is hoping to expand its cash buying real estate model nationally after receiving a $225 million investment from several investors.
Established in 2017, Ribbon is a service that aids home buyers by backing them with cash offers. Ribbon also offers a home valuation tool and mobile app for Realtors.
Ribbon received the latest cash infusion from its existing investors Bain Capital Ventures, Greylock, NFX and NYCA Partners.
In a company press release, Ribbon said it intends to use its latest round of funding to expand into 10 new markets by the end of 2019 and is focused on markets in which buyers may face competition from investors and corporate buyers.
Ribbon currently operates in Charlotte, Cary, Asheville, Fort Mill, S.C. and Indian Land, S.C.
National home builder comes to Queen City
TRI Pointe Group announced last week a new Carolinas division, which is operating in Charlotte and Raleigh.
Irvine, Calif.-based TRI Pointe is one of the nation’s largest publicly traded homebuilders. Heading up the one-employee operation in the Carolinas is Gray Shell, former Raleigh division president for Taylor Morrison Home Corp.
Shell and TRI Pointe plan to build up the Carolinas division team slowly, with no plans to close on home sales until some time in 2020, according to a report.
Including the new Carolinas division, TRI Pointe operates in eight states under different builder names.
Nearly 300 homes coming to Pineville
In a nearly $5 million deal, Meritage Homes will develop 299 homes on 105 acres in Pineville.
MPV Properties brokered the land sale for the site between Cranford Drive and Franklin Street in Pineville. The property was purchased by Old East Ventures LLC.
Meritage will build homes in Preston Park ranging from about 1,900 square feet to more than 2,500 square feet starting at $275,000. The development will also include a 2.5-acre common area with unnamed amenities.
Construction is set to begin by the end of the year. See full report.