Residential real estate, originated at the land level.

A vertically integrated investment and development company. We originate at the land level, work alongside local, regional, and national homebuilders, and carry projects from entitlement through construction, lease-up, and exit.

Submit a Property Partner With Us

Who we are

A principal investor, built from the land up.

Recon Property Group is a vertically integrated residential real estate investment and development company. We originate opportunities at the land level and can monetize them anywhere along the value chain.

Our leadership brings extensive development experience across both residential and commercial real estate. Because we are not tied to a single product or a single exit, every site is evaluated on what it can become — and executed the way that best serves the land, our partners, and our capital.

  • Not just

    A land developer

    Land is where we start, not where we stop. We carry sites further when the economics support it.

  • Not just

    A homebuilder

    We partner with homebuilders as their land source, lot developer, or joint-venture partner.

  • Not just

    A BTR developer

    Build-to-rent is a primary strategy — not the whole identity.

  • We are

    An integrated principal

    Land, development, and investment under one roof, with the judgment to choose the right path.

Three interconnected businesses

LandDevelopmentInvestment

Each business stands on its own. Together, they let us start at the land and carry an opportunity as far as the economics justify.

01

Land

The front end and deal engine

Everything starts with land. We source and evaluate residential sites, secure control, and work through zoning, entitlement, and land development. Some sites are entitled and delivered to a homebuilder partner who will build on them; others become proprietary Recon developments. Either way, every site is underwritten with an end user in mind.

  • Site sourcing & selection
  • Evaluation & underwriting
  • Acquisition & site control
  • Zoning & entitlement
  • Land development
Future division Recon Land Acquisitions · Site Selection · Entitlements · Land Development
02

Development

Capturing more of the value chain

Once a site is controlled, we decide how far to take it: entitle it and deliver it to a homebuilder partner, develop finished lots for builders, joint venture with a builder, or develop attached and detached residential communities ourselves — including build-to-rent communities carried all the way through. Our development experience spans residential and commercial real estate.

  • Entitle & deliver to builder partners
  • Finished lot development
  • Builder joint ventures
  • Attached & detached communities
  • Build-to-rent communities
Future division Recon Communities Build-to-Rent · Residential Development · Community Development
03

Investment

Capital and ownership

We invest our own capital and partner with joint-venture equity and institutional capital. Communities may be developed for sale or held where the economics justify it. In capital-light structures, Recon finds the land, controls and entitles it, structures the capital, and manages development — earning development fees alongside GP economics and promote.

  • Principal capital
  • Joint-venture equity
  • Institutional capital partnerships
  • GP interests
  • Develop to sell or hold
Future division Recon Investments Acquisitions · Joint Ventures · GP Investments · Capital Partnerships

For landowners

A buyer with a plan, not a flip.

For many owners, land represents decades of stewardship. When you sell to Recon, you are working with a principal that underwrites every site with an end user in mind and has the relationships to see it built.

We take seriously that your land will become someone’s neighborhood.

Submit your property
  1. 01

    Underwritten for an end user

    Before we make an offer, we evaluate who will build on the site and who will live there. Our terms are grounded in how the land will actually be used.

  2. 02

    Homebuilder relationships

    We have established relationships with local, regional, and national homebuilders. When we entitle and sell a site, it goes to a builder partner who intends to build on it, not to a speculative buyer.

  3. 03

    We can build it ourselves

    When a builder sale is not the best path, we can develop the property ourselves: finished lots, for-sale communities, or build-to-rent.

  4. 04

    Certainty of execution

    Our equity, lending, and construction partners let us carry a project from entitlement to completion, so the plan for your land does not depend on finding the next buyer.

Our approach

One tract. Many paths.

We are defined by judgment, not by product type. Consider a hypothetical 35-acre residential tract. Depending on the site, the timing, and the capital, there are many ways to create value from it.

One tract

Illustrative 35 acres, sourced & controlled

  1. 1

    Entitle & deliver

    Entitle the site and deliver it to a homebuilder partner.

  2. 2

    Finished lots

    Develop lots and sell them to homebuilders.

  3. 3

    Builder JV

    Partner with a builder on the community.

  4. 4

    Build-to-rent

    Develop the site as a BTR community.

  5. 5

    Sell completed

    Sell the finished community.

  6. 6

    Hold & own

    Retain an ownership interest.

Same land. Different executions. We choose the one with the best risk-adjusted return.

Full-cycle execution

From entitlement to exit.

We do not have to hand a project off where our capability ends. Our partners let us carry it the full distance.

  1. 01

    Entitlement

    Zoning, approvals, and site planning.

  2. 02

    Land development

    Infrastructure, utilities, and finished lots.

  3. 03

    Vertical construction

    Homes and communities built with builder and contractor partners.

  4. 04

    Lease-up

    Leasing and stabilization with professional property management.

  5. 05

    Exit or hold

    Sale of the completed community, or a long-term hold where the economics justify it.

Partner network

Each relationship covers a stage of the project. Together, they let Recon carry a project from entitlement through development, vertical construction, lease-up, and exit.

  • Equity partners
  • Lenders
  • Homebuilders
  • General contractors
  • Property managers
  • Engineers & land planners
The Recon flywheel A cycle of six stages: relationships and sourcing, deal flow, land, development, investment, and capital, with each stage feeding the next and capital feeding back into larger land opportunities. 01SOURCING 02DEAL FLOW 03LAND 04DEVELOPMENT 05INVESTMENT 06CAPITAL THE FLYWHEEL Each stage feeds the next

How the platform compounds

The flywheel.

Our three businesses are designed to reinforce one another. Each turn of the cycle makes the next one stronger.

  1. 01

    Relationships and land sourcing create deal flow.

  2. 02

    Deal flow creates proprietary land opportunities.

  3. 03

    Land creates development opportunities.

  4. 04

    Development creates investment opportunities.

  5. 05

    Successful investments create capital and credibility.

  6. 06

    Capital enables larger land opportunities — and the cycle continues.

Who we work with

Partners at every stage, from raw land to ownership.

Landowners & sellers

Sell to a buyer with a plan. We underwrite every site with an end user in mind, work alongside homebuilder partners, and can develop the property ourselves.

Submit a property

Homebuilders & developers

Entitled sites, finished lots, and joint-venture structures. We bring land opportunities and development capability to local, regional, and national builders looking for a dependable land partner.

Talk land with us

Capital partners & investors

Joint-venture equity, institutional partnerships, and GP co-investment in residential development, including build-to-rent, led by a team with institutional experience across the full BTR lifecycle.

Partner with us
Sal Nappo, Founder & Managing Principal of Recon Property Group

Leadership

Sal Nappo

Founder & Managing Principal

Sal Nappo is the Founder and Managing Principal of Recon Property Group, a real estate investment and development company focused on land, residential development, and build-to-rent opportunities throughout the Southeast.

With nearly two decades of experience in real estate, Sal has led acquisitions, development, financing, dispositions, and institutional investment initiatives across both private and corporate platforms. His experience includes responsibility for more than $500 million in real estate portfolio activity, over $600 million in institutional debt commitments, and more than $100 million in strategic asset and portfolio transactions.

Prior to focusing on Recon, Sal served as Executive Vice President of Rocklyn Homes, where he led acquisitions, dispositions, and the company's build-to-rent platform. His work included sourcing and underwriting new opportunities, assembling the right strategic partnerships to execute them, developing capital solutions, completing strategic transactions, and building relationships with institutional investors, lenders, operators, contractors, and other key real estate partners.

Previously, Sal led real estate development for Five Guys Enterprises across a 15-state territory in the Southern United States, completing more than 100 transactions and directing corporate and franchise expansion across some of the country's fastest-growing markets.

Sal founded Recon Property Group in 2011, and today the company reflects the culmination of that experience: identifying compelling real estate opportunities and creating value through land, development, investment, and strategic partnerships.

Central to Sal's approach is a belief that real estate is ultimately a relationship business. Deals may begin with land and capital, but enduring success is built on trust, credibility, execution, and relationships developed over time. That philosophy is foundational to Recon and guides how the company works with landowners, brokers, builders, lenders, investors, and institutional partners.

Great opportunities create transactions. Great relationships create businesses.

Sal Nappo

Contact

Submit a property or start a conversation.

Landowners, homebuilders, developers, and capital partners: tell us what you are working on. We review every submission.

Sal@ReconPropertyGroup.com

Helpful to include

  • Property location or parcel ID
  • Approximate acreage
  • Current zoning or entitlement status, if known
  • Your timing and goals

Submitting opens your email app with your details pre-filled, addressed to Sal@ReconPropertyGroup.com.