When we closed on the Phase 3 sale at Steeplechase on April 24, 2025, we held back four lots as part of our strategy to manage risk and create additional value within the fund.
Last quarter, we expanded that position by adding two more lots to the original four. We’ve since sold those two and have now started vertical construction on three of the four homes.
This project is a good example of the multiple ways we deliver housing to the market — selling lots to homebuilders, building homes, and renting or selling them. It’s also a good example of our full control over all our projects, including the ability to exit at any point during the development process. That flexibility helps us manage risk and pursue value for the fund.
