Industry News

Magnolia Green reports 133 homes sold

FOR IMMEDIATE RELEASE
February 19, 2019

Magnolia Green Enjoys Successful 2018, Adds New Neighborhoods and Active Lifestyle Amenities, Welcomes 1,000th Homeowner

More New Homes Coming in 2019 to Meet Strong Demand

(MOSELEY, Va.)Magnolia Green – central Virginia’s premier multi-generational and active lifestyle community – celebrated another successful year in 2018, recording 133 new home sales and earning over $14.7 million in revenue.

Several highly-anticipated projects and neighborhoods are planned for the new year with the goal of expanding the community’s diverse housing and in-demand amenities. Highlights will include the opening of the Hampton Pointe and Forest Hills neighborhoods and a Tennis Center featuring a pro shop, eight lighted courts, and two pickleball courts.

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“The Richmond-area is continuing to grow and our plans for 2019 will meet that need,” says Tom Page, vice president of iStar, owner of Magnolia Green. “Welcoming our 1,000th homeowner this past year was a wonderful milestone as we keep building new homes and expanding our world-class amenity offerings in our quest to provide something for everyone here at Magnolia Green.”

In 2018, Magnolia Green added two new developments – Valhalla and Aston Oaks – expanding the community’s offerings to a total of 13 neighborhoods. Valhalla and Aston Oaks offer interested home buyers spacious garage townhomes in the highly-desired Richmond area. Prices for the townhomes start in the upper $200s with single-family homes available from the low $300s.

Magnolia Green also unveiled a brand new 1,600-sq. ft. golf instruction facility with four hitting stations. The enclosed complex offers year-round access to a SAM Puttlab putting green, FlightScope X3 Launch Monitor, and full-service club repair lab with loft and lie machines for irons and putters. Selected by Golf Digest as a Best Young Teacher in 2018-2019, Magnolia Green Golf Club’s award-winning Director of Instruction, Leighann Albaugh, provides personalized lessons and oversees a variety of camps and classes throughout the year.

For more information, please visit www.MagnoliaGreen.com or stop by the Magnolia Green Welcome Center at 17301 Memorial Tournament Drive, Moseley, Va.

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About Magnolia Green
Located just southwest of Richmond, Va., Magnolia Green is the region’s best-selling community. An array of parks, new 18-hole Magnolia Green Golf Club, swimming pools, sports courts and playing fields create an all-inclusive life of luxury for empty nesters and families alike. Chesterfield County’s heralded schools are vital to its ranking as one of the "100 Best Communities for Young People" by America's Promise Alliance.

Hallmarks of the environmentally-friendly Magnolia Green Golf Club – managed by Billy Casper Golf – include Bermuda grass fairways and tees, bentgrass greens and natural, flowing streams. Draped over undulating terrain and measuring 7,150 yards from the back tees, lead architect Chris Cochran from Nicklaus Design expertly incorporated five sets of tees for players of all abilities.

More information: www.magnoliagreen.com, www.magnoliagreengolfclub.com.

About iStar Land and Development
At iStar Land & Development, we create unique communities, considering the best use of the land with a focus on our future residents. iStar has financed and invested in over $10 billion of residential projects since 1993, making us one of the largest investors in luxury condominium, multifamily and master-planned residential developments in the U.S. Our portfolio has included interests in over 18,000 condominium units in the nation’s top markets, and 65,000 acres in master-planned communities with the potential for an estimated 50,000 single-family and multifamily units. Offering a fully integrated platform, our team includes best-in-class developers, architects, builders, marketers and community liaisons.

About iStar
iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at www.istar.com.

MEDIA CONTACT
Jessica Lloyd
jmlloyd@buffalo.agency
703.940.3515
Buffalo.Agency

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