FORT WORTH, TX -- D.R. Horton, Inc., 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 ($375 million 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 $210 million in cash for the purchase, and Crown will operate as a separate division within D.R. Horton.
Donald R. Horton, Chairman of the Board, said, "We welcome the Crown team to the D.R. Horton family. We are excited about combining the two largest builders in the Atlanta area to establish double-digit market share for D.R. Horton. The acquisition also adds the Augusta, GA and Spartanburg, SC markets to our expansive geographic footprint, while strengthening our presence in Greenville and Columbia, SC. We believe the combined D.R. Horton and Crown team will be a strong platform for further growth in these dynamic markets in the Southeast."
Frank Downey, Founder of Crown Communities, said, "We are proud of the outstanding reputation for quality and customer service that Crown Communities has built over the past 16 years and are looking forward to the future with the D.R. Horton team."
D.R. Horton, Inc., America's Builder, is the largest homebuilder in the United States, based on its 25,712 homes closed in the twelve-month period ended March 31, 2014. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 79 markets in 27 states in the East, Midwest, Southeast, South Central, Southwest and West regions of the United States. The Company is engaged in the construction and sale of high quality homes with sales prices ranging from $100,000 to over $1,000,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.