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CalAtlantic Homes, which is set to be acquired by Lennar in the first quarter of 2018 in a $9.3 billion deal, is doing some acquiring of its own.
CalAtlantic announced this week that it is increasing its footprint in the Atlanta market by acquiring Home South Communities, one of the largest privately held homebuilders in the Atlanta metro market.
The deal brings an additional 970 homesites across 17 communities into the fold for CalAtlantic. According to the company, seven of communities are actively selling now, and the remaining communities are expected to be actively selling at some point in 2018.
As part of the deal, CalAtlantic extended employment offers to Home South Communities employees of who were engaged in the company's homebuilding business.
“Home South Communities is a well-respected homebuilder in the Atlanta marketplace that shares our core values and commitment to quality craftsmanship,” Casey Hill, Atlanta division president for CalAtlantic Homes, said.
“Adding the designs and geographic diversity of Home South Communities to CalAtlantic's already strong Atlanta presence will allow us to continue to grow our business while providing an exceptional homeownership opportunity to buyers across the homebuilding spectrum,” Hill added.
Financial terms of the deal were not disclosed.
