Hamlet Homes CEO Michael Brodsky Announces the Sale of Hamlet Homes

SALT LAKE CITY, Jan. 8, 2019 /PRNewswire/ -- Michael Brodsky, the founder of Hamlet Homes and Hamlet Development Corporation, announced publicly today that he has sold Hamlet Homes, an award-winning builder of quality, customer-oriented townhomes and single-family homes, to four senior managers of the company. The transaction took place in January 2017, upon which Barry Gittleman, President and COO; Jon Southern, Vice President of Construction; Phil Mosher, Vice President of Sales and Marketing; and Elliott Jenkins, Vice President and CFO, collectively took 100% ownership of Hamlet Homes and created Hamlet Homes IV, a new organization in 2017 to reflect the new ownership.

Brodsky founded Hamlet Development Corporation in 1994. As a residential developer in Northern Utah, Hamlet Development designed and developed three neighborhoods in Sandy and Murray that first year. Since then, the company has developed over 4,500 building lots in 60 neighborhoods for both Hamlet Homes and many other local home builders.

In 1995, Brodsky founded Hamlet Homes. Much of the success of the company was attributed to the leadership of John Aldous, whose industry knowledge and personal integrity as President guided the growth of the company for more than 20 years. "Hamlet Homes has worked diligently in its 23 years to create attractive residential neighborhoods in Utah, from Springville in the south to Tooele in the west, Park City, Summit County, and Wasatch County in the east, and as far north as Weber County," said Brodsky.

"During that time, Hamlet Homes designed and built more than 3,500 homes to meet the needs and wants of our customers," continued Brodsky. "We grew from our first annual revenues of $238,000 in 1994 to nearly $108 million in our peak year in 2006, and were proud to withstand the severe housing recession from 2008 – 2012. Unlike many in our industry, we did not shut our doors, but instead, fulfilled all of our obligations to our customers, contractors and vendors who, in turn, remained loyal to Hamlet as we began a recovery in 2013."

With the sale of Hamlet Homes to its senior managers in 2017, Brodsky continues to serve as the CEO for Hamlet Homes and, over the next few years, will provide support and advice to the new owners.

Gittleman explains, "In 2016, Elliott, Phil, Jon, and I were thrilled when the opportunity to purchase Hamlet Homes became available. We are building on the success and sterling reputation that Michael Brodsky established for the company he founded 23 years ago. We have a clear vision and ambitious plans for Hamlet Homes moving forward, that will include continuing to build great homes and providing great experiences for our customers."

Brodsky, in addition to his role as CEO for Hamlet Homes, continues as the President and sole owner of Hamlet Development Corporation. Hamlet Development, along with the very talented support of Nick Mingo of EDM partners, Hayley Pratt, Land Development Specialist and Holly Franklin, Executive Assistant, will continue to provide Hamlet Homes with high-quality neighborhoods across Northern Utah. Hamlet Development also oversees the management of rental properties, including a new Class A 34,000 sq. ft. office building designed by Architect James Glascock, that is currently under construction in Granton Square, a mixed-use development in Murray. Brodsky has hired Furst Construction as the General Contractor for the office building which is slated for completion in summer of 2019. The building will serve as the corporate headquarters for Hamlet Homes who will be occupying 7,000 sq. ft. of the building. Hamlet Development and US Title Insurance Agency will also be tenants in the building. Located at 84 West 4800 South this class A building is in an area of Murray undergoing dynamic redevelopment. Leasing of the building is being handled by Orden Yost of CBRE.

While Hamlet Homes is currently the primary focus of Hamlet Development's new neighborhoods, Hamlet Development is expected to also provide building lots for other builders in Northern Utah.

ABOUT HAMLET COMPANIES / 1994 – today
The first Hamlet company, Hamlet Development Corporation, was founded in 1994 and immediately launched its first community, Abbotsford in Sandy, Utah. In 1995, Hamlet Homes was established and began a legacy of crafting quality, customer-oriented townhomes, twin homes and single-family homes located in attractively designed neighborhoods in northern Utah.

Hamlet Development continues to identify land opportunities and provide finished lots for new homes built by Hamlet Homes and other home builders in Northern Utah.

INNOVATIONS: Hamlet Homes is known for pioneering significant real estate innovations in Utah's home building and real estate development industries including:

• Diversified Habitats: Established in 1996 (through 2008), Diversified Habitats was Utah's first commercial wetland mitigation bank. Brodsky partnered in this venture with James Paraskeva and Diversified created more than 300 acres of new, vibrant wetlands along the shores of the Great Salt Lake, which were used for wetland credits to compensate for unavoidable wetland impacts by developers within that Watershed.
• Stirling Mortgage: Established in 1998, this company was created to provide mortgage services for both Hamlet Homes buyers and outside borrowers. Sterling continued until 2011 and was closed down as a result of the housing recession.
• Transit-Oriented Developments (TODs): Responding to the country's increasing move toward the use of public transportation, Hamlet began the development of TOD neighborhoods along the Salt Lake county's UTA TRAX line. Five Hamlet neighborhoods – Aberdeen, Birkhill at Fireclay, Waverly Station, Huntley Manor, and Elgin Place – are located on the TRAX line between South Salt Lake and Draper representing over 500 new homes.
• Elsinore Communications: In 2005, Dan Snarr, the Mayor of Murray City, asked Hamlet Homes to support the newly created UTOPIA organization whose mission was to provide high-speed, fiber optic technology in a number of participating cities in Northern Utah. Elsinore Communications was created to coordinate that need.  Inverness Square, a 120-home neighborhood in Murray, was Hamlet's first community to offer this service as a standard feature through its homeowner's association.  The service was so successful, Hamlet has since provided UTOPIA's advanced high-speed Internet technology in many of its neighborhoods. Since 2005, Hamlet development has installed UTOPIA's fiber optic connectivity in over 700 homes. In areas not served by UTOPIA, Elsinore has provided high-speed fiber optic service to its neighborhoods through other providers.
• Voluntary Cleanup Programs (VCPs): Hamlet Development has worked with the Utah Department of Environmental Quality's voluntary cleanup program on remediating four separate environmentally impacted properties cleaning them up to safe residential standards.  Engaging environmental consultants to work closely with DEQ to identify the scope of contamination, Hamlet Development has successfully completed the cleanup and obtained certificate of completions on these neighborhoods, certifying through DEQ that the property has been cleaned to the highest standards.

AWARDS: Hamlet Homes has been the proud recipient of many national awards including the 'Builder of Integrity Award' from the Quality Builder Warranty Corporation in 2004, 2005, 2007 and 2010; Builder magazine's 'Fast Track Hall of Fame' recognized Hamlet as one of the fastest growing builders in the country for five consecutive years from 1999 – 2003 – one of only five builders to remain on this list for five consecutive years. In 2016, Hamlet was a finalist in the National Housing Quality Awards, the highest quality recognition the National Association of Homebuilder provides its members.

Locally, Hamlet has received the 2016 'Best of South Salt Lake' for Home Builders, 2015 'Green Business Award for Sustainable Business & Design' from Utah Business magazine; Hamlet was awarded Utah's 'Best of State' medal for residential construction in 2003, 2004, 2006 and 2007, and was the recipient of the 2009 Governor's Quality Growth Award. In 2002, Michael Brodsky was an Ernst &Young finalist in the Entrepreneur of the Year Award.

SOURCE Hamlet Homes

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