The Patten Family’s real estate involvement history began during the Great Land Rush of 1890-1899 when Harry Patten, Sr. acquired a homestead in North Dakota. In 1899, he began buying and trading land, investing in 300 acres in Eastern Massachusetts for $20.
Harry S. Patten, Jr. continued the family tradition in 1962, by acquiring large tracts of rural land. He started selling subdivided, ready-to-build parcels of land in 1963. Patten Realty Corporation was incorporated in 1965 in Stamford, VT. Recognizing a need in the marketplace for land financing, in 1966 Patten Realty Corporation offered in-house lending programs to all of its customers.
In 1966, Patten Realty Corporation restructured to become Patten Corporation with a series of partnerships throughout the Northeast. In 1984, business exploded, growing to $11 million in sales from $3 million just 4 years earlier. This led to the initial public offering (IPO) in 1985 on the NASDAQ. That same year, sales reached $18 million and the company transferred to the NYSE.
Continuing a focus on the financial side of the business, in 1986 Patten Receivables Finance Corporation was formed and the company completed the first land-backed securities financing. Also in 1986, the company was the third-fastest growing company on the NYSE. By 1988, annual sales exceeded $100 million with $15 million of net income.
Harry S. Patten, Jr. was named one of Fortune Magazine’s “50 Most Fascinating Business People” in 1987. More accolades followed in 1988 with a front page story in the Wall Street Journal entitled “American Dream,” about Patten Corporation eclipsing $100 million in sales. Mr. Patten was named in the “Who’s Who of American Business Leaders” in 1992.
Harry S. Patten, Jr., and his son, Michael S. Patten, entered the Colorado market in 1993 with the purchase of Red Creek Ranch and the founding of Red Creek Ranch, LLC, as a new operating venture.
In 1994, Patten founded Pacific Western Capital Corporation to provide financing for additional Red Creek Ranch land acquisitions.
Inland Management Corporation was created in 1995 to serve as the management business services organization of the Patten Family Companies (PFC). Also in 1995, PFC acquired Turboprop East, Inc., the Northeast’s largest independent Turboprop/Citation maintenance facility.
National Land Partners, LLC. was formed in 1999 with a primary operational focus on buying, developing, and selling land.
In 2004, Harry S. Patten and his daughter Andrea Patten published a book about parenting, entitled What Kids Need to Succeed.
2005 was a busy year. National Land Partners appointed a new CEO, Josephine Hart. Later that year, the company formed National Timber Partners, LLC (NTP), a Timber Investment Management Organization (TIMO) that won a management contract for the State of Arkansas’ 150,000 acres of timberland. Patten Family Companies achieved record sales of $280 million. The Patten Family Foundation was formed in 2005 to focus the Patten’s philanthropic efforts in support of advances in medicine and Junior Achievement.
2006 saw the hiring of Dan Marino, former NFL superstar, as the company spokesman. Mr. Marino appeared in ads and at sales events for PFC’s land business. Also in 2006, National Timber Partners raised $110 million in the NTP Timber Plus+ Fund 1, LP which was used to acquire timber and agricultural land.
Capitalizing on the aftermath of the 2008 financial crisis, in 2009 NLP Finance, LLC was founded. Twelve loan pools with principal balances in excess of $140 million were acquired from the FDIC and other lenders. 2009 saw the company increase its focus on resource management with considerable emphasis placed on sustainable forest management, as well as, mineral, gas, and water rights. The company closed out 2009 with the acquisition of a large tract in Colorado that included sizable water, mineral, and mining rights.
Since 2010, Patten Sales & Marketing has enjoyed tremendous success buying, marketing, and selling fractured condo projects. With sales in excess of $300 million and over 1,500 units sold to date, the condo business has been a tremendous success for the Patten Family Companies. PSM’s Acquisitions Department continues to search nationwide for distressed condominium deals to purchase and bring to market for incredible bargain prices.
In 2011, NLP Homes acquired its first project in Charleston, SC. Since, then, NLP Homes, LLC has delivered more than 700 homes in various southeastern US locations.
In addition to home sales, the Patten Family Companies are projecting sales of more than 1,400 building lots to their retail customer base during 2018.