LGI Homes Acquires Real Estate Assets of Central Texas Homebuilder
15 July 2021 - 9:00PM
LGI Homes, Inc. (NASDAQ: LGIH) today announced it acquired the real
estate assets of Buffington Homebuilding Group, Ltd.
(“Buffington”), one of the largest privately held homebuilders in
Austin, Texas, for approximately $40 million in cash at closing,
subject to post-closing adjustments. This acquisition further
expands LGI Homes’ land position in the highly attractive Central
Texas market and marks another important step forward in LGI Homes’
goal to become a top five national homebuilder. The acquired assets
include over 100 homes under construction, over 350 finished lots
and control of approximately 150 additional finished lots that will
be available for future sales. The acquired communities increase
LGI’s entry-level scale and create the opportunity to introduce its
luxury Terrata Homes brand to the Austin market.
Eric Lipar, Chairman and Chief Executive Officer
of LGI Homes, said, "We welcome Buffington Homes and its talented
team of employees to LGI. With its impressive portfolio of
communities and strong land positions, Buffington is the ideal
opportunity for us to expand our growth in the attractive Central
Texas market. We believe Buffington is a great compliment to our
existing Austin communities and the LGI Homes family."
Established in 2009, Buffington has a proven
reputation for building quality homes with eco-friendly features
and smart home technology targeted at first time and move-up buyers
in the Austin and San Marcos, Texas markets.
Managing Partner Blake Buffington said, "We are
excited to join the LGI Homes team and continue to serve homeowners
in the booming Central Texas market. This transaction represents
the next logical step in realizing the Buffington team’s desire to
create Austin’s premier homebuilder. LGI’s core values,
customer-centric philosophy and passion for making homeownership
attainable fit perfectly with the culture we’ve built at
Buffington. LGI is one of our industry’s fastest growing and most
profitable companies and we believe this combination will unlock
new opportunities for our mission, employees and trade
partners."
Builder Advisor Group LLC served as financial
advisor to Buffington Homes.
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, Oregon, Nevada, West Virginia,
Virginia and Pennsylvania. Since 2018, LGI Homes has been ranked as
the 10th largest residential builder in the United States based on
units closed. The Company has a notable legacy of more than 18
years of homebuilding operations, over which time it has closed
more than 50,000 homes. For more information about the Company and
its new home developments, please visit the Company’s website at
www.lgihomes.com.
Forward-Looking Statements
The statements in this release that are not
historical statements are forward-looking statements within the
meaning of the federal securities laws. These forward-looking
statements are subject to significant risks and uncertainties, many
of which are beyond LGI Homes’ control. Actual results could differ
materially, based on factors including, but not limited to: the
availability of additional finished lots for future sales; and
other risks and uncertainties described in LGI Homes’ Annual Report
on Form 10-K for the fiscal year ended December 31, 2020, which was
filed with the Securities and Exchange Commission (“SEC”) in
February 2021, Quarterly Report on Form 10-Q for the quarter ended
March 31, 2021, which was filed with the SEC in May 2021, recent
Current Reports on Form 8-K, and other SEC filings. These filings
also discuss some of the important risk factors that may affect LGI
Homes’ business, results of operations and financial condition. LGI
Homes undertakes no obligation to revise or update publicly any
forward-looking statements for any reason.
CONTACT:Joshua D. FattorVice President of Investor
Relations(281) 210-2619investorrelations@lgihomes.com
LGI Homes (NASDAQ:LGIH)
Historical Stock Chart
From Jun 2024 to Jul 2024
LGI Homes (NASDAQ:LGIH)
Historical Stock Chart
From Jul 2023 to Jul 2024