United Homes Group (UHG) was formed in 2023 when privately-held builder Great Southern Homes (GSH) became a publicly traded company, with GSH becoming a builder brand under UHG. As a market leader in the southeast, GSH delivered approximately 11,000 homes and built a strong reputation in the South Carolina and Georgia markets.  GSH owner Michael Nieri started the company in 2004, and grew quickly. Through organic growth alone, GSH was ranked as the 25th largest single-family homebuilder by Pro Builder magazine in 2022.

Now, as President, CEO, and Chair of the Board of United Homes Group, Michael brings a passion for building quality homes at a price within reach for families of all kinds.  UHG builder brand Great Southern Homes is known throughout the region for its values, serving the community and its commitment to its customers.  These values and commitment have led to numerous awards for Michael Nieri and Great Southern, including the Builder Hall of Fame, the national Hearthstone BUILDER Humanitarian Award and Builder of the Year twice.

Our team at UHG believes that a shortage of housing—particularly in the entry to mid-level range—creates a significant opportunity for UHG to grow when combined with:

 

 

Focus on US Southeast

A geographical concentration in the southeastern US market where economic growth combined with significant in-migration rates and affordable home prices creates favorable long-term fundamentals

  • UHG markets of GA, NC, and SC all in the top six states for population growth in 2022
  • UHG markets of Columbia, SC and Augusta, GA in the top 10 affordable home markets
  • The Southeast is a growing center for high-tech jobs such as aerospace and EV

Focused Market Approach

A UHG market focus on homes affordable for entry-level or 1st move up buyers

  • 80% of 2021 UHG closings were entry-level or 1st move up
  • Entry-level and 1st move-up home starts are at a 5-decade low with significant upside; market is supply constrained

Capital Efficient “Land-Light” Operating Model

Capital efficient “Land-Light” operating model that lowers risk, provides higher ROE, and allows for a nimbler approach to deal with market adjustments:

  • Lots controlled through land banking arrangements
  • Land bank partners acquire bulk finished lots or entitled land on UHG’s behalf and typically fund project costs, with land development managed by the builder
  • Finished lots are then sold by the land banker to UHG on a rolling takedown basis, with the builder paying option fees and carry costs to the land partner

Homeowners Mortgage Joint Venture

  • Improved sales
  • Enhanced customer experience
  • Incremental revenues with higher ROE