Our HistoryIt sounds so simple; find the right property, the right investors, work hard and realize the rewards together. Many have tried the same formula with great results. Others have been less successful. At Langley, we believe that success has been achieved not only when we find property at the best price, but also when we have been able to utilize the knowledge and experience of our team as proper stewards of the land – whether it’s growing cotton, cattle or homes and schools.
The concept behind Langley Holdings began in May of 1993 when the Arizona real estate market was still reeling from the Savings and Loan crisis of the late 80’s and early 90’s. The company founder, Stacy Brimhall, purchased 10 acres west of the southwest corner of Guadalupe Road and Power Road in Gilbert, Arizona for $150,000. After substantial zoning and entitlement, the property sold for a 140% profit thirteen months later. The equity from that first transaction was used to buy subsequent properties for cash.
As the results of these transactions materialized, more and more individuals entrusted their capital to the Langley vision. Many of our investors pay the ultimate compliment of re-investing earnings from earlier transactions into new Langley opportunities. Today, we have invested over $280,000,000 in over 51,000 acres owned across Arizona, New Mexico, California, and Idaho.
Whether the investment is a 160 acre farm or a 5,000 acre ranch, all of us at Langley are committed to working the property towards its highest and best use. Our holdings include many working farms that generate income and maintain a lower property tax base. Most of our properties are situated within infrastructure and growth corridors that make them ideal for future residential and commercial development. Crops grown on farm land in our portfolio include cotton, wheat, corn, barley, alfalfa, melons, roses and olives. We have also been working with renewable energy companies to utilize the natural energy resources of the sun and wind.
Transaction StructureLangley transactions result in a split of the ultimate gains on each deal. This means that after the investor recoups 100% of their investment and all project costs (i.e., acquisitions, legal, zoning, platting, entitling, account, management fees, etc.) the resulting overall gain is split between the investor and Langley based upon agreed upon percentages.
Sample AcquisitionsAs a result of the existing real estate market, we have been able to locate and offer excellent investment opportunities to our investing partners. The following list contains a sample of transactions added to our portfolio in 2009 and 2010:
- We were approached by a debt laden competitor who sold us a prime piece of property located near a top selling master planned community as well as a planned major transportation corridor for a fraction of its current value.
- We acquired a property from a troubled lending institution that had been final platted for 333 lots for approximately 6% of the loan balance in place at the time the lender took possession of the asset.
- Current market conditions combined with recent tax law changes caused a homebuilder contact to offer us a property his company acquired during 2006. In this case, the purchase price was for approximately 5.7% of the amount his company originally paid for the property.
- Finally, we acquired 600 acres of active farmland at the southeast corner of Hunt Highway and Attaway Road from a local bank for six million dollars. This total represents approximately 34% of its 2006 acquisition cost; not including the total invested by the borrower on zoning, platting and other entitlements. The property is contiguous to Pulte Homes’ existing flagship community of Anthem at Merrill Ranch and slated for primarily residential use with a 30-acre commercial site.
We continue to actively seek opportunities locate other opportunities in Arizona and throughout the southwestern United States. For more information on current investment opportunities, please contact Stacy Brimhall or Steven Rees at 480.633.0999.
- Stacy Brimhall, Founding Partner
- Steve Rees, Managing Partner
- Jeff Tilley, Partner
Josh Bagley, Partner
Mike VanSteenkiste, Partner
Joshua Brimhall, Partner
- Ken Ellsworth, Controller
Karyne States, Executive Assistant
Angela Massey, Office Manager
- Monte Nevitt, Manager, Agricultural Operations
- Mark Ward, Manager, California Operations