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America\u2019s Builder announced the acquisition of\u00a0Truland Homes, the largest private homebuilder along the Gulf Coast. The homebuilding assets acquired include approximately 263 lots, 155 homes in inventory and 55 homes in sales order backlog. <\/p>\n
DR Horton also acquired 156 lots and control of approximately 400 lots through option contracts from Truland affiliates and 201 lots and control of approximately 260 lots through option contracts from third parties.<\/p>\n
During calendar 2022, Truland closed 512 homes ($244 million\u00a0in revenue) with an average home size of approximately 2,340 square feet and an average sales price of\u00a0$477,000. DR Horton expects to pay approximately\u00a0$100 million\u00a0in cash for the purchase, and the Company plans to combine the Truland operations with its current D.R. Horton platforms in\u00a0Baldwin County, Alabama\u00a0and\u00a0Northwest Florida.<\/p>\n
Donald R. Horton, Chairman of the Board, said, \u201cWe are excited for the Truland team to join the D.R. Horton family. Their quality building operations and strong presence across the Gulf Coast make Truland a great addition to D.R. Horton\u2019s already strong local market operations.\u201d<\/p>\n
Nathan Cox, Founder of Truland Homes, said, \u201cLeading the business over the last 13 years has been the most rewarding experience of my professional career. The amazing team members that took us from our first home to over a billion dollars in total sales are the ones that deserve all the credit. No matter what, they always came through. <\/p>\n
\u201cIn conjunction with growing Truland Homes over the last decade, DR Horton has afforded us the honor and privilege of becoming the largest lot supplier within their Gulf Coast region. We look forward to continuing as a key lot development partner for D.R. Horton.\u201d<\/p>\n<\/p><\/div>\n