LGI Homes, Inc. Acquires Real Estate Assets of North Carolina Homebuilder
03 August 2018 - 9:00PM
LGI Homes, Inc. (Nasdaq:LGIH) acquired the real estate assets of
Raleigh, North Carolina-based Wynn Homes, a 20-year-old privately
held homebuilder, for approximately $80 million. Wynn Homes, known
for building affordable single-family homes and townhomes, priced
from $140,000 to $450,000, across central and eastern North
Carolina, gives LGI Homes increased exposure to first-time buyers.
As a result of this transaction, LGI Homes acquired
approximately 200 homes under construction, along with
approximately 4,000 owned and controlled lots that will be
available for future sales as the Company expands operations
throughout the Raleigh and Wilmington markets.
"This is an opportunistic purchase for LGI Homes, comprised of
homes in various states of construction, finished lots, and land
under development covering a large portion of these markets," said
Eric Lipar, the Company's Chief Executive Officer and Chairman of
the Board. "The acquisition of Wynn Homes provides us with a
valuable asset position allowing us to accelerate our growth in one
of the nation’s fastest growing markets."
Lipar concluded, “In addition to adding new and future
communities, we are pleased to welcome our new colleagues who will
enable us to become one of the largest homebuilders in the Raleigh
market.”
Builder Advisor Group served as financial adviser to LGI Homes
for the acquisition.
About LGI Homes, Inc.
Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages
in the design, construction and sale of homes in Texas, Arizona,
Florida, Georgia, New Mexico, Colorado, North Carolina, South
Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama,
California and Oregon. The Company has a notable legacy of more
than 15 years of homebuilding operations, over which time it has
closed over 25,000 homes. For more information about the Company
and its new home developments please visit the Company's website
at www.LGIHomes.com.
CONTACT: Investor RelationsCaitlin Stiles, (281)
210-2619InvestorRelations@LGIHomes.com
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