D.R. Horton acquires Atlanta's Crown Communities
D.R. Horton has announced its $210 million acquisition of the homebuilding operations of Crown Communities, a major builder based in Atlanta with a geographic footprint spanning Georgia, South Carolina and eastern Alabama.
“We welcome the Crown team to the D.R. Horton family," said chairman Donald Horton. "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.”
The acquired assets include a sales order backlog of approximately 420 homes sold, 640 homes in inventory and 2,350 lots, as well as approximately 3,400 lots through option contracts.
Last year, Crown netted $375 million in revenue with 1,540 closed homes selling for an average price of $244,000.
“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," added Frank Downey, founder of Crown Communities.
Under the terms of the acquisition, Crown will operate as a separate division within the company.