Hoyer Investment Company Land

What Hoyer Investment Company Land does

Hoyer Investment Company Land, LLC ("HIC Land") is a South Carolina-based, privately held real estate investment and asset manager founded in 2008 by Stefan Hoyer. The firm acquires, rezones, and develops residential land across eight U.S. states with a concentration in the Southeast, operating two core lines of business. First, Land Banking: HIC Land purchases raw, undeveloped, or entitled land and holds it as an off-balance sheet vehicle for partner homebuilders, with no development work performed during the holding period. Second, Land Development: the firm closes on fully entitled and permitted properties, installs infrastructure (water, sewer, drainage, paving), and sells finished single-family lots to national homebuilders.

HIC Land's commercial model is transactional and B2B, generating revenue through the eventual sale of banked or developed lots at a profit to a concentrated set of the largest publicly traded U.S. homebuilders — including D.R. Horton, Lennar, PulteGroup, NVR, CalAtlantic, Toll Brothers, Ashton Woods, Standard Pacific, and single-family rental operator American Homes 4 Rent. The off-balance sheet financing structure is a central value proposition for builder partners seeking to source entitled land without expanding their own balance sheets. D.R. Horton has historically been the anchor counterparty, exiting 13 of 17 deals closed from 2011-2017 (1,461 lots), with the portfolio generating an average 42.6% IRR and 1.9x MOIC over that period.

Operationally, HIC Land runs a lean organization of approximately 15-20 employees based in Mt. Pleasant, South Carolina, executing through a tightly integrated development partnership with LandTech (which supplies accounting, compliance, budgeting, and key personnel). The firm does not employ a proprietary technology platform; underwriting, entitlement, and project management rely on conventional real estate expertise, in-house land planning and civil engineering talent, and embedded regional development managers. Active deployment includes over $90MM across 9 in-process deals covering 3,293 designed lots, with a broader portfolio of 48,000+ lots under development, contract, or entitlement and $300M+ in cumulative market investments.

Name

Hoyer Investment Company Land

Legal name

Hoyer Investment Company Land, LLC

Website

https://hicland.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

HIC Land is a South Carolina-based real estate investment firm founded in 2008 that acquires, entitles, and develops residential land, providing off-balance sheet land banking and lot development services to the largest publicly traded U.S. homebuilders across eight states.

Ownership category

akta.pro rank

Product category

Residential Land Development

NAICS

Land Subdivision (23721), Land Subdivision (2372)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industries

Land Acquisition, Lot Development & Construction Financing (AD&C) (FSALAHAI), Transitional/Development Land Brokerage (Entitled, In-Path-of-Growth) (BPAJADAJ), Land Brokerage (Raw Land & Development Sites) (FSAEAJAD)

Keywords

• Land banking services
• Residential land development
• Off-balance sheet financing
• Real estate investment
• Lot development infrastructure

Headquarters

HQ city

Mount Pleasant

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Others

Revenue model

1. Land Banking Services: HIC Land acts as an off-balance sheet holding vehicle for partner homebuilders. The company purchases raw, undeveloped, and entitled land which is eventually sold to homebuilders in phases. Revenue is generated through the acquisition, holding, and subsequent sale of land parcels at profit.
2. Land Development: HIC Land acquires and develops single-family lots for sale to national homebuilders. The company closes on properties after full entitlement and permitting, installs infrastructure (water, sewer, drainage, paving), and sells developed lots to select homebuilders. Revenue generated through lot sales after infrastructure development.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

HIC Land acquires, rezones, and develops land throughout the United States, specializing in land banking and land development for the largest publicly traded homebuilders. The company purchases raw, undeveloped, and entitled land as an off-balance sheet holding vehicle for partner homebuilders, and develops single-family lots with full infrastructure (water, sewer, drainage, paving) for sale to national homebuilders in phases.

Product overview

HIC Land offers two core services: Land Banking and Land Development. Land Banking involves the purchase and holding of raw, undeveloped, and entitled land as an off-balance sheet vehicle for partner homebuilders, with no development work completed during the holding period. Land Development encompasses the acquisition, entitlement, and full infrastructure development (water, sewer, drainage, paving) of single-family lots, which are then sold to national homebuilders. These services work together to provide homebuilders with entitled land ready for residential construction.

Differentiator

Problem solved

Functional benefit

Products and services

• Land Banking HIC Land Banking is the purchase of raw, undeveloped and entitled land, which eventually is sold to homebuilders in phases. No development work is completed while this property is land banked. HIC Land acts strictly as an off-balance sheet holding vehicle for their partner homebuilders.
• Land Development HIC Land Development is the acquisition and development of single-family lots for sale to national homebuilders. HIC Land closes on a property after it has been fully entitled and permitted, then begins to install infrastructure: water, sewer, drainage, and paving. Developed lots are subsequently purchased by select homebuilders.

Quantifiable outcome

• Average IRR of 42.6% and average MOIC of 1.9x achieved across 17 land deals from 2011-2017
• +2 more outcomes

Named customers8 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and major.

• D.R. HortoncoreStrategic or Co-development PartnerPrimary land banking partner and key customer. HIC Land has established a successful relationship with D.R. Horton over almost a decade, becoming one of the primary land bankers for D.R. Horton in the southeastern United States. D.R. Horton was the exiting partner in 13 of the 17 deals closed from 2011-2017.
• Lennar HomescoreStrategic or Co-development PartnerNational homebuilder partner for land banking and lot development services. HIC Land provides land acquisition, entitlement, and development services with Lennar as an end-purchaser of developed lots.
• PulteGroupcoreStrategic or Co-development PartnerNational homebuilder partner receiving land banking services from HIC Land. PulteGroup purchases developed lots from HIC Land for residential construction.
• NVR HomescoreStrategic or Co-development PartnerNational homebuilder partner for land development and lot sales. HIC Land provides lot development services for NVR's homebuilding operations.
• CalAtlanticcoreStrategic or Co-development PartnerNational homebuilder partner mentioned in strategy as part of builder partners including DR Horton, Lennar, and Pulte Homes in the southern and northeastern regions.
• Standard Pacific HomesmajorStrategic or Co-development PartnerHomebuilder partner from the 2008 economic downturn period when Stefan Hoyer began purchasing land with completed entitlements and infrastructure to sell to national builders.
• LandTechcoreStrategic or Co-development PartnerDevelopment partner of HIC Land. HIC and LandTech forged a strong relationship that eventually led to LandTech becoming HIC's development partner. Many team members have prior LandTech experience. LandTech manages accounting, financial reporting, compliance, and budgeting for the company.
• Toll BrothersmajorStrategic or Co-development PartnerNational luxury homebuilder shown as partner with logo on HIC Land website.
• Ashton WoodsmajorStrategic or Co-development PartnerNational homebuilder shown as partner with logo on HIC Land website.
• American Homes 4 RentmajorStrategic or Co-development PartnerSingle-family rental company shown as partner with logo on HIC Land website.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Forestar Group: Forestar is the publicly traded land banking and development subsidiary of D.R. Horton, HIC Land's largest customer. It acquires, entitles, and develops residential lots for D.R. Horton, making it the most directly comparable business model to HIC Land — and simultaneously HIC Land's primary competitive threat as an insourcing option for D.R. Horton.
• Five Point Holdings: Five Point is a publicly traded large-scale land developer that acquires, plans, and develops master-planned communities, primarily in coastal California and Florida. Its business of entitling and selling residential lots to homebuilders closely mirrors HIC Land's land development vertical, with comparable deal sizes and buyer profiles.
• Landsea Homes: Landsea Homes is a publicly traded homebuilder with land acquisition, entitlement, and development operations across the Sun Belt and West. It both develops lots internally and partners with land bankers, positioning it as a comparable integrated operator that competes with HIC Land for the same builder-segment demand.
• TRI Pointe Group: TRI Pointe Group is a publicly traded national homebuilder that combines in-house homebuilding with active land acquisition and development. Its vertically integrated land strategy and lot banking operations in markets like the Carolinas and Southeast directly overlap with HIC Land's customer base and core geographies.
• Starwood Land Ventures: Starwood Land Ventures is a privately held land banking and development platform affiliated with Starwood Capital Group, focused on acquiring, entitling, and developing residential lots across the Sun Belt. It operates a near-identical off-balance sheet land banking model for national homebuilders, making it a direct head-to-head competitor for similar deals and builder relationships.

Others

• American Homes 4 Rent: American Homes 4 Rent is a publicly traded single-family rental operator and existing HIC Land partner. While primarily a SFR operator rather than a land banker, its bulk acquisition of newly built homes from builders creates demand pull-through for the type of community-scaled lots HIC Land develops, making it a meaningful adjacent ecosystem participant.
• Land Advisors Organization: Land Advisors Organization is the largest land brokerage and advisory firm in the US, brokering transactions between landowners and homebuilders/developers. While it operates in an advisory capacity rather than principal land banking, its network overlaps with HIC Land's builder relationships and it facilitates similar lot transactions across the same Sun Belt geographies.

Broad incumbents

• Crow Holdings Development: Crow Holdings is a large, diversified Texas-based real estate investment and development platform with significant residential land development operations. It is a broader incumbent — operating across multiple asset classes — but its residential land platform directly competes for entitled-lot and master-planned community opportunities similar to HIC Land's portfolio.

Emerging players

• Wheelock Street Capital: Wheelock Street Capital is a private real estate investment manager that invests in residential and mixed-use development, including land banking structures for homebuilders. Its residential strategy and builder-aligned capital deployment overlap with HIC Land's land banking thesis, making it a comparable emerging institutional capital source.

Regional players

• Empire Communities: Empire Communities is a Canadian-founded homebuilder that has expanded into the southeastern US with active land acquisition and development in the Carolinas, Georgia, and Florida. It is a regional builder/land operator that competes with HIC Land for similar southeastern entitled-lot inventory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hoyer-investment-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hoyer Investment Company Land