Ryan Homes taking over C.P. Morgan neighborhoods

indystar

October 08, 2009 by indystar | Staff

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Ryan Homes has entered the Indianapolis market through the acquisition of more than 800 unimproved lots originally owned by C.P. Morgan, according to several real estate blogs.

Reston, Va.-based Ryan Homes will build homes in Franklin, Greenwood, Noblesville, and Brownsburg with models opening in January.

“Over time we hope to become #1 in the hearts and minds of Indianapolis,” according to a message on its Web site, http://www.ryanhomesindiana.com.

Dan Malzahn, a spokesman for Ryan Homes, confirmed the business has entered 10 former C.P. Morgan communities in the Indianapolis area with about 800 lots, but, following company policy, declined to discuss how Ryan gained control of the property. He declined further comment.

Among 10 locations in the metro area are Branches in Brownsburg, Hanover in Franklin Township and Northfield at Heartland Crossing in Indianapolis.

Ryan Homes’ parent company, NVR, has homebuilding operations in 18 metropolitan areas in 11 other states: Maryland, Virginia, West Virginia, Pennsylvania, New York, New Jersey, Delaware, Ohio, North Carolina, South Carolina and Tennessee.

NVR, Inc. operates in two business segments: homebuilding and NVR Mortgage. The homebuilding unit sells and constructs homes under the trade names Ryan Homes, NVHomes and Fox Ridge Homes.

Dwight Schar, NVR’s executive chairman, is also a part-owner of the Washington Redskins football team and finance chairman for the Republican National Committee, according to a biography.

Founded in 1948 to provide affordable housing in the growing economy after World War II, Ryan Homes reports it has constructed almost 200,000 homes in categories that range from first-time homeowners to move-up buyers.

Founded in 1983, C.P. Morgan built more than 25,000 homes in 200 developments in Indianapolis and Lafayette, and in the Charlotte and Piedmont Triad areas of North Carolina.

But in February, it announced it was folding — a high-profile victim of the housing meltdown that helped feed the economic recession.

Category: Business

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republican national committee, dwight schar, nvr inc, washington redskins football, triad areas, first time homeowners, cp morgan, washington redskins, economic recession, piedmont triad, indianapolis market, fox ridge, ryan homes, business segments, nvhomes, virginia pennsylvania, delaware ohio, finance chairman, pennsylvania new york, biztopstories, Business, local, pmupdate, topsections, topstories, World War II, News, nvr, malzahn, hearts and minds, franklin township

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