Sandy-based Larry H. Miller Real Estate, a subsidiary of the LHM Group of Companies announced on Monday the acquisition of Daybreak from Värde Partners for an undisclosed fee.
The agreement involves the purchase of the remaining undeveloped land, which stands at over 1,300 acres, and an ownership interest in some existing commercial assets. The purchase does not include any existing residential homes.
The purchased land will provide for approximately 6,000 residential homes, and a commercial area called Downtown Daybreak. Currently, over 1,000 homes are built in Daybreak every year, which implies Larry H. Miller has approximately six years' worth of development remaining, at least in terms of residential development.