PHILADELPHIA -- The Ryland Group, Inc. today announced that it has acquired the operations and assets of Cornell Homes, one of the Philadelphia market's largest private homebuilders. The Cornell acquisition provides Ryland with a successful ongoing operation in the Tri-state area with approximately 97 homes sold and available for delivery, 8 decorated models and 1,716 additional lots for future sales. Cornell Homes currently operates in 12 active communities. All of Cornell's employees are expected to join Ryland in conjunction with the acquisition and Greg Lingo, Cornell's President, will be Ryland's Philadelphia Division President.
"We are pleased to announce the acquisition of Cornell Homes which is consistent with our strategy of expanding into new markets that present opportunities for growth. We are excited about the current and future land positions we have acquired as a result of the purchase of Cornell," said Larry Nicholson, Ryland's CEO and President.
The purchase of Cornell Homes is Ryland's fourth acquisition in the last 13 months following its purchase of the assets of Timberstone Homes in Charlotte and Raleigh in July of 2012, Trend Homes in Phoenix in December of 2012 and LionsGate Homes in Dallas in June of this year.
Headquartered in Southern California, Ryland is one of the nation's largest homebuilders and a leading mortgage-finance company. Since its founding in 1967, Ryland has built more than 295,000 homes and financed more than 245,000 mortgages. The company currently operates in 13 states.