Wall Homes to Double Size with Acquisition of Dallas/Fort Worth Division of Newmark Homes
11 May 2007 - 8:23AM
PR Newswire (US)
ARLINGTON, Texas, May 10 /PRNewswire/ -- Steve Wall, founder and
CEO of Wall Homes, a homebuilding company based in Arlington,
Texas, and Newmark Homes, a subsidiary of TOUSA (NYSE:TOA) have
announced that Wall Homes has entered into an agreement to acquire
a substantial amount of the assets of the Dallas/Fort Worth
division of Newmark Homes, including raw land, site developments,
finished lots, and construction in process. With the acquisition,
Wall Homes will increase its active neighborhoods in Texas to
nearly 50 from 28. "This is an amazing opportunity for Wall Homes,"
said Steve Wall. "Newmark parallels Wall's market focus and
dedication to customer service and satisfaction. With the
acquisition, we begin our third year in business at twice the size
we were at the end of our second year. It's a great fit." Newmark
has built and sold homes throughout Texas and Tennessee for more
than 20 years. In the DFW area, Newmark's 20+ active communities,
with prices ranging from $126,000's-$400,000's, will become Wall
Homes neighborhoods effective early June. The sale does not affect
other Newmark divisions. Until closing, which is anticipated for
May 31, 2007, Wall Homes will conduct employee evaluations and
consideration of reassignments within the expanded Wall
organization. The purchase follows a pattern of steady growth
established by Wall since its founding. Wall Homes was established
in 2005 to offer homes with a focus on architectural style to
discerning buyers. Neighborhoods throughout Dallas, Fort Worth,
Houston, Austin, and San Antonio offer a variety of single-family
detached and attached homes priced from the $120s to the $500s.
Based in Arlington, Wall Homes is on the web at
http://www.wall.com/. TOUSA is a leading homebuilder in the United
States, operating in 16 metropolitan markets located in four major
geographic regions: Florida, the Mid-Atlantic, Texas, and the West.
TOUSA designs, builds, and markets high- quality detached
single-family residences, town homes, and condominiums to a diverse
group of homebuyers, such as "first-time" homebuyers, "move-up"
homebuyers, homebuyers who are relocating to a new city or state,
buyers of second or vacation homes, active-adult homebuyers, and
homebuyers with grown children who want a smaller home
("empty-nesters"). It also provides financial services to its
homebuyers and to others through its subsidiaries, Preferred Home
Mortgage Company and Universal Land Title, Inc. For more
information on TOUSA, is on the web at http://www.tousa.com/. This
news release may contain forward-looking statements. TOUSA wishes
to caution readers that certain important factors may have affected
and could in the future affect TOUSA's actual results and could
cause the actual results for subsequent periods to differ
materially from those expressed in any forward-looking statement
made by or on behalf of TOUSA. This press release is qualified in
its entirety by cautionary statements and risk factor disclosure
contained in TOUSA's Securities and Exchange Commission filings.
DATASOURCE: Wall Homes CONTACT: Erin Kolp of Wall Homes,
+1-817-385-3225, or Web site: http://www.wall.com/
http://www.tousa.com/
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