|14:07 EDT||DHI||D.R. Horton acquires homebuilding operations of Crown Communities |
D.R. Horton announced the acquisition of the homebuilding operations of Crown Communities, which builds in Georgia, South Carolina, and eastern Alabama. The homebuilding assets acquired include a sales order backlog of approximately 420 homes sold, 640 homes in inventory and 2,350 lots. D.R. Horton also acquired control of approximately 3,400 lots through option contracts. In calendar 2013, Crown closed 1,540 homes, $375M in revenue, with an average home size of approximately 3,500 square feet and an average sales price of $244,000. Crown is ranked as the 28th largest builder in the United States by Builder Magazine and is the largest builder in the Atlanta market. D.R. Horton will pay approximately $210M in cash for the purchase, and Crown will operate as a separate division within D.R. Horton.