National homebuilder M/I Homes Inc. recently purchased 42 lots in Victoria, Minn., from developer Vincent Real Estate Group for $2.2 million in cash, according to a state certificate of real estate value.
The lots are for M/I’s Whispering Hills community, a new community that will consist of 143 town homes and villas.
Eden Prairie-based Vincent Real Estate, along with Little Falls-based land developer Trinity Development, is currently planning to turn 50 acres into 141 lots in the city of Carver for single family homes to be built by M/I Homes, according to Carver city documents.
Columbus, Ohio-based M/I (NYSE: MHO) is ramping up production in the Twin Cities this year, with plans to open three communities. The other two communities include an 105-unit community in Lake Elmo and a 76-unit community in Minnetrista.
M/I Homes entered the Twin Cities market by buying the assets of Hans Hagen Homes in 2015, retaining the brand name and the local builder’s employees. M/I expects to finish 2017 with 250 units sold in the metro area, more than twice the number that Hans Hagen sold in 2015.
M/I had planned to sell 400 units in the Twin Cities in 2018, but could surpass that figure after agreeing to buy some of the assets of Mattamy Homes, the Toronto-based company that announced a few weeks ago it was exiting the Twin Cities.