An Atlanta home builder has purchased the remaining lots in Chessington, a luxury residential community in Morrisville, from developer Rusty Ammons.
Ashton Woods Homes paid $2.46 million for 30 lots in Chessington last month. The subdivision is located near the intersection of Davis Drive and McCrimmon Parkway.
Ammons, president of RLA Development, said today that Ashton Woods made him an offer he couldn't refuse.
Chessington was to originally offer custom homes priced between $550,000 and $650,000. The target price dropped to $450,000 as the economy deteriorated.
Ammons said the problem now is that custom home builders are having a tough time getting construction loans.
"They're not going to buy lots if they can't get construction loans," he said.
Chessington will be Ashton Woods first community in the Triangle and in North Carolina. The company also has a presence in Florida, Georgia, Texas and Arizona.
Hampton Pitts was recently named president of the company's Raleigh division.
Pitts was formerly the Triangle division president for Centex Homes, which has since merged with Pulte Homes.