From Homebuilding Titan to Sports Investor: The Multifaceted Success of Dwight Schar

• In July 2024, 41 schools exceeded their fall 2023 preleasing rates, with 19 markets achieving at least 99% preleased. The universities showing the largest year-over-year growth in preleasing were the University of Nebraska (14.5%), Bowling Green State (12.4%), and Illinois State (11.5%).

• The overall preleasing rate for the student housing sector was 89.2%, which is slightly lower than last year’s rate and 5% below fall 2023’s occupancy level of 94.6%.

• Secondary and tertiary state schools and private universities reported lower preleasing rates. Examples include UT-Arlington (71.2%, 17.7% behind last year), UC Berkeley (72.3%, 3.8% behind), and Washington State (71.6%, 5.8% behind).

This past summer, I first spotted the Bella Vita during the day at the Port de Cap d’Ail in Monaco. The marina was buzzing with life, and filled with impressive yachts, but Bella Vita was the largest and most striking one there. It had a sleek, polished look—nothing too flashy, but enough to catch my eye. I made a mental note of it, feeling like there was something special about that boat.

Later that night, with the marina much quieter, I found myself wandering back to take another look. The boat seemed even more impressive under the soft glow of the dock lights. As I got closer, I noticed some paperwork by the dock and that’s when I saw the name: Dwight Schar.

That made me even more curious.

What was this boat doing here? What kind of life did it see?

It wasn’t just about the yacht anymore, I wanted to learn more about Schar and what this boat might represent in his world. Something told me there was more to the story, and I couldn’t help but want to dig into it.

Before diving into Dwight Schar let’s take a look at the one and only Bella Vita.

Bella Vita

The Bella Vita yacht, formerly Solemates and Huntress, was initially built for Reebok founder, Paul Fireman. The Bella Vita is a 196ft 1218-ton yacht built in 2010. The yacht runs on 2 Caterpillar Marine Engines, achieving a top speed of 15.5 knots and cruising speed of 12 knots. The price of the Yacht is 60 million dollars with an annual operating expense of $6 million.

In exploring the life of Dwight Schar, we can better understand the man behind the name, the visionary who has shaped much of today’s real estate landscape.

This biography aims to provide a comprehensive look at Schar’s journey, shedding light on the experiences and achievements that have defined his impressive career.

Dwight C. Schar

As of September 12, 2024, Dwight Schar's net worth stands at $2.7 billion. He is the chairman of NVR, one of the largest homebuilders in the United States, which generates nearly $9 billion in annual revenue. Schar’s business ventures have also extended into sports; he acquired a minority stake in the NFL’s Washington Redskins (now the Washington Commanders) in 2003 for $200 million and sold it in 2021 for approximately $320 million during a legal dispute with the team’s majority owner, Daniel Snyder.

Schar’s career began with Ryan Homes, where he managed the company’s Mid-Atlantic operations until 1977. After a brief hiatus from the homebuilding industry due to contractual obligations, he founded Northern Virginia Land and Homes Co. in 1980, which eventually evolved into NVR. Under Schar’s leadership, NVR grew rapidly, expanding into mortgage services in 1984 and going public in 1986. In 1987, NVR acquired Ryan Homes in a $312 million deal, establishing itself as the largest homebuilding company in the U.S.

NVR

NVR, Inc. is a major player in the American home construction industry, operating through two key segments:

homebuilding and mortgage banking.

NVR, Inc. builds homes in 36 metropolitan areas in sixteen states. The homebuilding division constructs and sells homes under well-known brands like Ryan Homes, NVHomes, and Heartland Homes. Meanwhile, NVR, Inc. supports its subsidiaries with essential services including sales and marketing, human resources, and advanced IT infrastructure. With operations spanning 36 metropolitan areas across 16 states, NVR, Inc. has established itself as a leading force in the market.

The journey of NVR, Inc. began in 1980 when Dwight Schar founded the company as NVHomes. Under his visionary leadership, NVR expanded significantly, acquiring notable companies such as Ryan Homes and Heartland Homes. This strategic growth has propelled NVR to the forefront of the U.S. homebuilding industry, making it one of the largest and most influential home construction-companies in the country.

What can you take away?

Dwight Schar’s story shows the power of resilience and smart risk-taking. After leaving Ryan Homes, he started Northern Virginia Land and Homes Co., which became NVR. His ability to adapt and take calculated risks, like investing in the Redskins, highlights how stepping out of your comfort zone can lead to big rewards.

Schar’s success with NVR also teaches the importance of innovation and long-term vision. His journey reminds us to stay focused on our goals, embrace new opportunities, and persevere through challenges. His example encourages us to adapt, take thoughtful risks, and keep pushing toward our dreams.

Extell and Ikea Planning 29-Story Office Building at 570 Fifth Avenue

IKEA's new flagship location at 570 Fifth Avenue is shaping up to be a major addition to the New York City skyline. Gary Barnett’s Extell Development has filed plans for a striking 29-story office and retail building on the vacant site between West 46th and West 47th streets.

According to recently released records and initial reports by PincusCo, the Swedish furniture giant is set to occupy the lower two floors of this new development. If all goes as planned, IKEA will open its new retail store by 2028, bringing its renowned designs and products to a prime location in Manhattan.

Link to learn more.