In a bid to strengthen its position in the Gulf Coast market, has acquired Truland Homes, the largest private homebuilder along the Gulf Coast, according to an announcement issued Thursday.
The purchase deal includes Truland’s homebuilding assets, which consist of approximately 263 lots, 155 homes in inventory, and 55 homes in the sales order backlog.
“We are excited for the Truland team to join the D.R. Horton family,” Donald R. Horton, chairman of the board, said. “Their quality building operations and strong presence across the Gulf Coast make Truland a great addition to D.R. Horton’s already strong local market operations.”
D.R. Horton plans to pay approximately $100 million in cash to complete the purchase. After the acquisition deal is complete, the company intends to merge Truland’s operations with its existing D.R. Horton platforms in Baldwin County, Alabama, and Northwest Florida.
In addition to the Truland acquisition, D.R. Horton also announced the acquisition of 156 lots and control of around 400 lots through option contracts from Truland affiliates, as well as 201 lots and control of approximately 260 lots through option contracts from third parties.
These strategic acquisitions will allow D.R. Horton to expand its reach and offerings in the region, according to a statement from the company.
Truland Homes had an impressive performance in calendar year 2022, closing 512 homes with a total revenue of $244 million. The average size of these homes was approximately 2,340 square feet, with an average sales price of $477,000.
“Leading Truland Homes over the last 13 years has been the most rewarding experience of my professional career. The amazing team members that took us from our first home to over a billion dollars in total sales are the ones that deserve all the credit,” Nathan Cox, founder of Truland Homes, said. “No matter what, they always came through. In conjunction with growing Truland Homes over the last decade plus, D.R. Horton has afforded us the honor and privilege of becoming the largest lot supplier within their Gulf Coast region. We look forward to continuing as a key lot development partner for D.R. Horton.”
D.R. Horton has been the largest homebuilder by volume in the United States since 2002. With operations in 110 markets across 33 states, the company closed 83,119 homes in its homebuilding and single-family rental operations during the twelve-month period ending March 31, 2023.
The company builds and sells homes in the price range of $200,000 to over $1,000,000. The company also offers mortgage financing, title services, and insurance agency services through its subsidiaries. In addition, D.R. Horton is involved in the construction and sale of both single-family and multi-family rental properties and holds a majority stake in Forestar Group Inc., a national residential lot development company.
This content was generated using AI and was edited by HousingWire’s editors.
