Sammis Co. to build 500 homes - Brief Article

Real Estate Weekly, Feb 19, 1992

Gale Wentworth and Dillon, a division of The Sammis Company specializing in new residential construction has embarked on a bold $20 million land acquisition program to build 500 moderately priced homes in New Jersey during 1992.

"We have identified a strong need in established growth markets for quality homes priced from $150,000 to $250,000," said Thomas H. Dillon, president. "Because a severe drop in housing starts during the last few years has fueled demand, we see a long-term opportunity to provide single-family housing in this price range."

Gale, Wentworth and Dillon's joint venture partner is Copley Real Estate Advisors of Boston Mass., a $14 billion pension fund management company. Together, they will build the 500 homes in five stages in what Dillon calls "tried-and"-true, market-tested areas." Plans will be announced shortly for projects in Piscataway, Randolph and Bernards Township.

"Our research indicates that there are 9,000 qualified buyers interested in affordably priced housing who live in Morris County alone," he noted. "When you consider that the entire state is only producing roughly 11,000 building units a year, down from nearly 60,000 during the heyday of the 1980's, you can clearly see the need."