Editor’s note: This story was updated at 9:19 a.m. on April 4 to correct that MCSF LLC is a joint venture between Napolitano Homes and Eastwood and still owns the 500-acre Mallory Pointe development. An earlier version had also misstated the number of homes Napolitano is developing in Suffolk.

Charlotte, North Carolina-based Eastwood Homes has acquired Napolitano Homes, the Virginia Beach-based developer of the 812-home Mallory Pointe subdivision on Battery Park Road.

Eastwood announced the acquisition in a March 31 news release. Isle of Wight County land transfer records show the March 17 sale of 26 lots in the 500-acre former Mallory Scott Farm by MCSF LLC, Napolitano’s holding company for Mallory Pointe, to Eastwood Homes of Richmond for $4.5 million.

“This was an opportunity for two great companies to join forces to ensure a strong future,” Napolitano Homes Senior Vice President John Napolitano told the Times.

Napolitano said MCSF LLC is a joint venture with other partners, among them Eastwood and Stanley Martin. MCSF LLC still owns all of Mallory Pointe, he said.

“Currently nothing has changed in Smithfield or our other communities,” John Napolitano said.

The acquisition marks Eastwood’s second foray into Virginia’s housing market. According to Eastwood’s website, the company previously expanded into the Richmond metro area in 2013. The company operates 10 divisions across North and South Carolina, Virginia and Georgia.

“The fit was perfect for us,” said Eastwood Homes President Clark Stewart in his company’s news release. “Napolitano Homes prioritizes family first right alongside their dedication to quality craftsmanship of their homes, and that is exactly how we do business here at Eastwood Homes. It was an easy decision to make, and one that I am very proud and excited to be a part of.”

Napolitano Homes, like Eastwood, is family-owned and both companies have been operating since 1977. Napolitano was founded by Fred Napolitano Sr. and his son, Vince, while Eastwood was founded by Joseph Stewart and is now run by Stewart’s son, Clark, according to the news release. John Napolitano is Vince’s brother.

In addition to Mallory Pointe, Napolitano is developing the 412-home Bennetts Creek Quarter, the 74-home ninth phase of the 365-home Estates at Nansemond River and the 102-unit, age-restricted Vineyards at Hallstead Reserve developments, all in Suffolk.

The acquisition gives Eastwood access to two of the fastest-growing localities in Virginia.

Suffolk is Virginia’s fastest-growing city and fifth fastest-growing locality, including counties, with 8.7% population growth over four years, according to data from the University of Virginia’s Weldon Cooper Center. Isle of Wight, which has seen its population increase 6.3% since the 2020 Census, is the state’s 10th fastest-growing county and 13th fastest-growing locality, including cities.

Mallory Pointe broke ground in 2023, two years after a contentious 5-2 Town Council vote on Napolitano’s rezoning request. Houses are already for sale ahead of their construction. John Napolitano said model home construction is on track to start later this month or in early May.

According to Eastwood’s website for Mallory Pointe, there are nine floorplans for three- to five-bedroom homes ranging in size from 2,071 to 3,738 square feet, with the smallest starting at $579,990. It’s well above the $300,000 starting price Napolitano had proposed for the detached home phase at the time of the rezoning vote. A future townhouse phase, as of 2021, was proposed to offer homes starting at $225,000.

According to the Real Estate Information Network, or REIN, the median sale price of a house across Hampton Roads was $345,000 as of February, up 25% from $274,900 in 2020. Isle of Wight County in particular has seen a sharp uptick in home sale prices since the COVID-19 pandemic, spurred in part by bidding wars over a limited supply of for-sale homes.

The Home Builders Association of Richmond named Eastwood its Builder of the Year in 2018 for building between 76 and 150 homes during the prior year. 

Eastwood has also been involved in litigation with its customers.

Thirty plaintiffs alleged defective roofing by Eastwood in a 2020 lawsuit on behalf of 388 homeowners in South Carolina. The suit was settled out of court in 2024, according to Charleston County, South Carolina’s online court records. That same year, a judge ruled in favor of nine couples who in a separate lawsuit alleged the company had “unilaterally terminated” sales contracts with the families after they’d made deposits on new homes being built by Eastwood. Eastwood’s appeal of that judgment is pending.