Additionally the reduction in cost in copper and other commodities should add to cost reduction in the future. Remember however that increases are quick to be passed on while decreases are difficult and time consuming to realize. With many of our competitors offering large incentives to drive sale, sales incentive to 6.6% of the quarter compared to 6.3% last year and 5.8% last quarter. Our Realtor expanses was 2.8% of revenues compared to 2.5% last year.
We continue to strategically use incentives and or increase brokerage fees on specific communities where we thought the sales face. Selectively marketing more aggressively to both brokerage community and consumers on communities as needed. As we have noted before our sales and margins continue to benefit from our next Gen offering for the quarter our next Gen product had a year over year of growth rate of 38%. We now offers next Gen plans in 205 communities, in 14 of our 17 states with an average sales price 23% above our company average.
Our home building operating results for 2014 really speaks for themselves. As we look to 2015, well we expect to see some margin contractions due to competitive pressures and the inclusion of some of additional legacy land assets and our product offering. Our home building operating platform is well positioned to continue to drive strong profitability for the company. Of course, complementing our home building operations are financial service segment continued to build its primary business alongside the home builder. While continuing to also grow are retail platform. Bruce will talk more about our financial services progress, which had a very respectable quarter, with operating earning about 30.2 million dollars which is the 78% improvement over the 17 million dollars last year. While our home building and financial services divisions are the primary drivers of the near term revenues and earnings. Our 3 additional operating divisions are all continuing to mature as excellent longer term value creation platforms for the company.
Our multifamily operation has grown to 157 associates and regional offices nationwide. We currently have season professional and division offices in Atlanta, Beaverton, Charlotte, Washington DC, Chicago, Dallas, Denver, Phoenix, Orange County, San Francisco and Seattle. We ended the year with 22 apartment communities under construction, 3 of which are in lease, totaling with over 6000 apartments with a total development cost of approximately 1.4 billion dollars. We also have one completed fully leased and operating student housing community that serves the students attending the University of Texas at Austin. Including these communities, we have diversified development pipeline that exceeds 5 billion dollars and over 20 thousand apartments.
In 2014, we sold our first two apartment communities and given the construction schedule of our pipeline with position to sell another 5 communities and the back half of 2016. With these sales and our management, construction and development fields our multi-family business should generate between 15 and 18 million dollars of free tax earnings in fiscal year 2015. As we have discussed in the past, we have been emergent building our apartment communities buildings with third party institutional capital on a deal by deal basis. As we move into 2015, we are looking to create a multifamily fund that would allow us to both develop and hold our completed and least apartment communities as a portfolio in order to capture the recurring income stream from the portfolio.
We cautiously optimistic that we can take our apartment program to the next
level and create longer term shareholders value from this platform. In the fourth quarter Realtor produced operating earnings of 32.8 million dollars. Reflecting our continued progress and transitioning, from an asset heavy balance sheet investor, to a capital like investment manager and commercial loan originator and securitizer. Realtor has now returned over 400 million dollars of invested capital to the parent company just in last year and we expect to generate at least 250 million dollars of cash from our national direct investments. For us to recycle by the end of 2016. Our investing management and servicing platforms have been growing assets under management. While we have a very strong asset base from which we are harvesting value for investors and for our company.
