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For founders too, when possible, many also prefer to raise from their existing investor base so as to maintain consistency and optimize for speed in duediligence and closing. That is the case with follow ons. This is a recipe I believe is crucial to achieving long term success and maximizing gains.
During the spring selling season with a healthy supply of move-in ready inventory, we were able to capitalize on strong market conditions generated by the increasing need for housing for millennials and Gen Zs as well as the move-down Baby Boomers who continue to find our limited inventory, limited availability of resale housing supply.
As we previously discussed, two of the largest population cohorts, the millennials and recently Gen Zs are having life events lean to increased levels of need-based housing that currently cannot be met by the constrained resale of home supply in the market. As a reminder, our target is four- to five-year supply of lots.
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