Dive brief:
- Stone Martin Builders, an Auburn, Ala.-based single-family homebuilder, has launched a new division, Stone Martin Commercial, focused on commercial construction projects.
- The new division aims to partner with developers on master-planned communities and small-scale commercial projects, according to a press release shared with Multifamily Dive.
- To lead the new division, Stone Martin Builders has brought on Drew Brown, former vice president of Auburn, Ala.-based Rabren General Contractors, as vice president of commercial construction.
Diving knowledge:
In this new division, Brown aims to leverage the builder’s existing reputation, subcontractor base and quality control processes.
“With over 30 years of diverse experience in various sectors of commercial construction, Drew [Brown] brings invaluable experience and a proven track record of success,” John Manasco, chief operating officer of Stone Martin Builders, said in the release. “Under his leadership, we are able to expand organically, utilizing our established relationships and dedication to quality to support growth and create jobs in the local business community.”
Stone Martin Builders, established in 2006, was ranked a No. 86 on the 2024 Builder 100 list of the nation’s largest builders, with 645 homes closed and $256 million in revenue by 2023. Its unit mix last year included 627 single-family homes for sale, 10 townhomes for sale and eight single-family homes under construction to rent . Most of its current projects are located in Alabama and Georgia.
“I am motivated by the opportunity to build on Stone Martin’s excellent reputation and expand Stone Martin Builder’s presence in the commercial construction market,” Brown said in the statement. “My goal for Stone Martin Commercial is to focus on quality, innovation and customer satisfaction. while fostering a culture of collaboration and growth within the company.”
Stone Martin Builders isn’t the only residential company expanding its reach. Greystar, the #1 multifamily developer, owner and manager in the country, has recently announced an expansion in infrastructure development, with a focus on clean energy, data centers, transition fuels, social infrastructure, transportation and logistics facilities. Like Stone Martin, Greystar said it intends to leverage its existing reach to secure project opportunities.
“The infrastructure business will be a perfect fit for the Greystar platform, leveraging the internal resources and scale of the broader business,” Michael Hoverman, Greystar’s chief infrastructure officer, told Multifamily Dive.
