18 Sep Section23 Acquires 50% Interest in Baywest Homes
Section23 Developments is pleased to announce it has entered into an agreement with Bordeaux Properties to jointly and equally own Baywest Homes. Under the agreement, both Bordeaux Properties and Section23 Developments will have a 50% ownership stake in the established, award-winning Calgary builder. Chris Plosz, Section23’s President, says the new partnership marks an important milestone in the company’s proud history.
“We are very excited about this new venture,” he says. “Baywest has long been one of the city’s most respected builders for its outstanding design, integrity and craftsmanship – traits that align perfectly with our firm.
“Bordeaux has done an exceptional job growing the company, despite turbulent economic cycles,” he adds. “We very much look forward to building on that legacy of success as we start a new chapter in Baywest’s history.”
Plosz says the acquisition reflects Section23’s objective of capitalizing on strategic growth opportunities in Calgary. With an equity position in a well-established home builder, Section23 significantly enhances its current portfolio of development projects and opens possibilities to explore new markets and partnerships.
“This foray into large position residential home construction certainly complements our land holdings and presents a tremendous opportunity to pursue our mission of creating dynamic, inspired built environments that foster a legacy of social connections for all generations,” says Plosz.
The new partnership will also provide significant advantages to Baywest Homes through strengthened capital resources, leveraging the well-established Baywest brand, the company’s strong operations and the talent of its highly experienced team. Augmenting its stable of existing developer partners, Baywest will now also have two parent land companies providing serviced lots.
“While it is business as usual as far as Baywest’s day-to-day operations are concerned, we will be working with our partners at Bordeaux Properties to map out a new strategic direction which may, in the future, include multi-family development and entry-level product,” Plosz says. “As we identify and analyze the opportunities, we will be judicious in our approach and continue to build on the strong reputation Baywest Homes has earned over more than 30 years.”
In the meantime, Baywest will continue to focus on:
Estate and move-up homes in master-planned communities
Enhanced customer choice through standard and customized plans
Designing healthier homes
A conservative approach to speculative home construction
Baywest Homes currently builds in a number of award-winning communities in Calgary and Okotoks, with an inner-city division specializing in custom urban home design and construction.