Dallas, Texas 05/27/2014 (FINANCIALSTRENDS) – D.R. Horton, Inc (NYSE:DHI) has now announced that it has acquired homebuilding operations of the Crown Communities, that builds in Georgia & South Carolina, and in eastern Alabama. These homebuilding assets acquired include the sales-order backlog of around 420 homes sold, and 640 homes that are in inventory & 2,350 lots. DHI also acquired control of around 3,400 lots via option contracts. In the calendar 2013, Crown had closed 1,540 homes ($375M in revenue) with the average home-size of around 3,500 sq ft & the average sales-price of $244,000.
High Ranking Builder
Crown is also ranked as the country’s 28th largest builder by the Builder Magazine & it is the largest builder in Atlanta’s homebuilding market. DHI will pay around $210M in cash for this purchase & Crown will operate as its separate division in D.R. Horton. Donald R. Horton, the Chairman of the company’s Board, said that they welcome the Crown’s team to the DHI family. They are excited about combining these 2 largest builders within the Atlanta area to now establish a double-digit market share for D.R. Horton, Inc (NYSE:DHI).
The Value Add
This acquisition also adds Augusta, GA & Spartanburg, in SC markets to the company’s expansive geographic footprint, even as it strengthens the company’s presence in Greenville & in Columbia, SC. They believe the combined DHI & Crown team will also be a very strong platform for future growth in the dynamic markets in the South-east. Crown Communities’ founder, Frank Downey said that they are proud of the outstanding-reputation for quality & customer service that the company-Crown Communities has steadily built over the last 16 years & are also looking forward to the future with DHI
D.R. Horton, Inc (NYSE:DHI) is a homebuilding company that operates in the United States. It constructs & sells homes via its operating-divisions across 27 states and in 78 metropolitan markets of the U.S, mainly under the D.R. Horton, America’s Builder name.
