Tri-Cities-based Varsity Development purchased 16 waterfront lots at Moses Pointe in a $1 million land purchase deal.
The company plans to build numerous one and two-story homes at the golf-course community in the coming years. Construction recently began on their first two model homes, which should be completed by May, according to a recent company statement.
Varsity Development, the Eastern Washington unit of Oregon corporation Target Group Marketing, operates two different brand names of homes, Oasis Custom Homes and ULTRA-Modern Homes.
The first model home being built at Moses Pointe is the one-story “Iris” plan, which will sell for close to $282,000. The two-story “Callas” plan will go for almost $308,000.
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Windereme K-2 Realty of Moses Lake owner and broker Heather Adkinson said the local impact of the land purchase could be somewhere around the $4 million mark. It is because construction will employ area laborers and support businesses over the next two to three years.
Adkinson has represented Varsity Development in Grant County since 2007. They have been the city’s largest building company in the $250,000 to $350,000 price range over the past five years or so, she said.
The company closed 50 single-family homes between Tri-Cities, Connell, Walla Walla and Moses Lake and posted revenues of $15 million in 2013.
Leslie Savitch, of Varsity Development, said he anticipates a resurgence in demand for housing, both for primary residences and for second homes, in the next few years.