CalAtlantic Homes, which is set to be acquired by Lennar in a $9.3 billion deal that will create the nation’s largest homebuilder, is not done acquiring other homebuilders yet.
Back in December, CalAtlantic announced that it was acquiring Home South Communities, one of the largest privately held homebuilders in the Atlanta metro market.
Now, CalAtlantic is expanding again.
The homebuilder announced this week that it acquired the homebuilding operations of Utah’s Candlelight Homes, one of the largest privately held homebuilders in the Utah market.
As a result of the deal, CalAtlantic now owns or controls an additional 2,500 homesites across 19 communities, 10 of which are actively selling.
The company expects the remainder of the communities to open in 2019.
CalAtlantic also said that it extended employment offers to all employees of Candlelight Homes who were engaged in the company’s homebuilding business.
Dave Prolo, Utah division president for CalAtlantic Homes, said the acquisition will help the company grow its presence in Utah.
“Candlelight Homes has built a reputation for offering innovative, beautiful home designs in locations where discerning homebuyers want to live,” Prolo said.
“This acquisition provides CalAtlantic with a diverse portfolio of homesites, which accommodate homes ranging from 1,100 to 4,000 square feet located throughout northern Utah County, Salt Lake County and southern Davis County,” Prolo continued. “This exciting acquisition aligns with CalAtlantic's commitment to provide exceptional homeownership opportunities to buyers across the home buying spectrum.”
Joe Salisbury, partner of Candlelight Homes, said the deal will be good for Utah homebuyers.
“Utah’s strong economy offers a tremendous opportunity for CalAtlantic to expand upon the success Candlelight Homes has already achieved in the Salt Lake City market,” Salisbury said. “We are confident CalAtlantic’s core values and resources will enhance the value and expand opportunities available to Utah homebuyers.”
Financial terms of the deal were not disclosed.
