FORT WORTH, Texas–D.R. Horton, Inc. (NYSE:DHI), America’s Builder, announced the acquisition of the homebuilding operations of Pacific Ridge Homes (“Pacific Ridge”) in Seattle, Washington. The homebuilding assets acquired include approximately 350 lots, 90 homes in inventory and 40 homes in sales order backlog. D.R. Horton also acquired control of approximately 400 lots through option contracts. For the twelve months ended March 31, 2015, Pacific Ridge closed 182 homes ($79 million in revenue) with an average home size of approximately 2,600 square feet and an average sales price of $436,000. D.R. Horton will pay approximately $72 million in cash for the purchase, and Pacific Ridge will operate as a separate division within D.R. Horton.
“Pacific Ridge has a long standing tradition of building quality homes and providing excellent customer service. We are excited to join the largest builder in the country and look forward to continuing this tradition.”
Donald R. Horton, Chairman of the Board, said, “Pacific Ridge has an excellent reputation for quality and service. We welcome them to the D.R. Horton family and are pleased Justin Goff is joining our team as division president. Their well-established building operations make Pacific Ridge a great fit for D.R. Horton as we look forward to expanding our presence in the greater Seattle area.”
Justin Goff, co-owner of Pacific Ridge, said, “Pacific Ridge has a long standing tradition of building quality homes and providing excellent customer service. We are excited to join the largest builder in the country and look forward to continuing this tradition.”
D.R. Horton, Inc., America’s Builder, has been the largest homebuilder by volume in the United States for thirteen consecutive years. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 79 markets in 27 states across the United States and closed 32,504 homes in the twelve-month period ended March 31, 2015. The Company is engaged in the construction and sale of high-quality homes through its diverse brand portfolio that includes D.R. Horton, Express Homes and Emerald 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.