DSLD Homes and Level Homes traded more than 150 lots in three separate deals that are collectively valued at approximately $6.92 million and closed Monday.
According to sales documents, Denham Springs-based DSLD acquired 93 lots at The Lakes at Stonegate in Baton Rouge and Baton Rouge-based Level Homes picked up 65 lots at other developments in East Baton Rouge, St. Tammany and Lafayette parishes.
DSLD, represented by CFO Jeff Purpera, bought 69 lots in the second filing of The Lakes at Stonegate from Baton Rouge-based Level Ventures LLC, which was represented by Level Homes founder Todd Waguespack. DSLD paid $3.17 million for the lots. Under another limited liability company called First Horizon, DSLD also paid $360,000 to Level Ventures LLC for 24 additional lots in the second filing.
In turn, EWL Development LLC, a part of Level Homes and represented in the sale by Waguespack, bought 65 lots—including 12 in the seventh filing of the Copper Mill Golf Club and Community in Zachary—for $3.39 million.
Waguespack says the two firms have bought and sold lots to one another before, but have never structured such a trade. All the lots exchanged in the deals are developed and ready to be built upon, Waguespack says.
Level Homes has developed The Lakes at Stonegate subdivision, which is located on Old Hammond Highway, not far from Airline Highway, and DSLD wanted to build in the subdivision, Waguespack says.
DSLD is offering 13 different floor plans for The Lakes at Stonegate, ranging from 1,456 square feet for $169,900 to 2,420 square feet for $235,900.
The trade leaves Level Homes with 115 lots in The Lakes at Stonegate to build upon. The deal gives also gives the company an expanded footprint in Lafayette and St. Tammany parishes. Level Homes has previously had a hand in building two subdivisions in Lafayette Parish, but this will be its first foray into St. Tammany Parish.