On HorizonTV this week, Managing Director Julie Hancock of Camelot Homes shares how a goal to diversify the luxury production home builder's revenue landed on building detached single-family rentals for infill locations.
Camelot Homes found a niche in the luxury Scottsdale, Arizona market, but even that market can go soft. To maintain the builder’s brand, it opened Arcadia Communities, which focuses on single-family rentals.
“We found ourselves being very niche-oriented to high-end luxury,” says Hancock. “We were predominantly a million and a half dollar single-family homes and we realized, as generous and good as that market has been for us, we really felt the need to diversify to cycle protect. One of our long-term strategies for our company is to cycle protect so that if the high end softens, we had something to balance that out and that’s what led us to both doing a custom home remodeling division, which is different than our production housing, and also the single-family rental.”
Watch the full interview below.
Watch more from HorizonTV here.