Convergent Acquisitions Press Releases
June 7, 2007 Business Wire
Convergent Acquisitions & Development, Inc. Announces Joint Ventures with Craft Homes USA to Build Developments in Charlotte, NC
CHARLOTTE, N.C.--(BUSINESS WIRE)--Convergent Acquisitions & Development, Inc, a leading developer and vendor of real estate is pleased to announce an expanded relationship with noted regional builder Craft Homes USA. They have formed joint ventures to develop two subdivisions: St. John's Ridge in the university area, and Sonoma Estates near the new section of I-485 and Mount Holly. Further joint developments, currently in the discussion stages, are anticipated.
Craft Homes USA and Convergent Acquisitions and Development, Inc. first teamed up during Phase 1 of the neighborhood of Sonoma Village. Convergent Acquisitions was drawn to this project, located in the northwest area of Charlotte, due to the many up indicators in the area. Convergent Acquisitions is noted as a research powerhouse, always looking to position its developments in areas of growth and positive change. Among many up indicators that caught its attention were plans for Mountain Island Promenade, a $133 million multi-use facility with retail, office and residential space. In addition, recently the nearby exit off I-485 opened, easing access to uptown, the new Northlake Mall and Charlotte Douglas International Airport, and triggering an area specific mini-boom.
The success of the relationship in Sonoma Phase 1 led to plans for a Phase 2, dubbed Sonoma Estates, with larger average homes and upgraded amenities. It is the second of the current joint ventures, and is currently under construction.
Convergent Acquisitions & Development, Inc's most current venture with Craft Homes, St. Johns Ridge, is located in the University area of Charlotte, and is nearing completion. The University area has been pointed to in the press as one of the best rental markets in the city and both business and retail continue to be drawn to the area, including a recent announcement by IKEA that it will locate their first regional store in the University area.
"We are thrilled to be teaming up with Craft Homes on these joint venture projects," says Convergent Acquisitions' President Nick Sabardin. "Craft Homes provides a high quality product at a great value. We see this relationship not only benefiting both companies, but our mutual customers well into the future."
Craft Homes, started in 1999 and headed by David Cuthbertson, has been dedicated to building high quality, affordable homes throughout North and South Carolina including Charlotte and the surrounding areas. The company has quickly developed a reputation for their high levels of service to their customers and commitment to value. Craft Homes joins an already impressive roster of builders, including DR Horton, Portrait Homes, Mattamy Homes and Eastwood Homes, from which Convergent Acquisitions has acquired inventory for its customers.
Convergent Acquisitions & Development, Inc is a leading vendor and developer of real estate especially appealing to the non-owner occupied, often called "real estate investor", market. Founded around a team of real estate professionals with in-depth knowledge of the market and a wealth of experience, Convergent Acquisitions and Development, Inc continues to provide single family homes in emerging markets well poised for income and appreciation potential.
Convergent president Nick Sabardin, BS, MBA, graduated from the prestigious Sorbonne University in Paris, France, before spending several years as a business consultant to some of France's largest corporations. He completed his education by earning his MBA at San Jose in Silicon Valley, with an emphasis on technology and marketing. He flew as an Airline Transport Pilot for US Airways for five years after graduation, and fell in love with the Charlotte area. He is a long time experienced real estate investor.
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