Beazer Homes is expanding again.
Back in December, Beazer, which builds homes in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas and Virginia, expanded its Carolinas operation by acquiring Bill Clark Homes for nearly $30 million.
Now, Beazer is growing it business again. The homebuilder announced this week that it is acquiring Venture Homes, a private homebuilder in Atlanta, for approximately $65 million.
Venture Homes has delivered more than 6,000 homes since its founding in 1984. In the last year, the homebuilder created $69.9 million of homebuilding revenue from 277 closings with an average selling price of $252,000.
The deal includes more than 1,000 lots across nice active communities and 18 future communities, principally designed for first-time and move-up homebuyers.
As for why Beazer homes is making the acquisition, the company said that the deal has multiple benefits, including growing its operation in one of its existing markets.
“On a combined basis, Beazer and Venture have closed nearly 500 homes in Atlanta over the last 12 months, which ranks among the top 10 builders in the market,” Beazer said in a release. “This added scale will create opportunities with, and for, trade partners, current and prospective employees and land sellers.”
Additionally, Beazer said that the lots acquired from Venture hold significant value.
“This acquisition allows us to accelerate our growth in Atlanta, a highly desirable market supported by robust job growth, solid affordability and favorable supply dynamics,” Allan Merrill, president and CEO of Beazer Homes, said. “In addition to adding new and future communities, we are pleased to welcome our new colleagues who will enable us to pursue further growth in the Atlanta market in the years ahead.”
And as for why Venture Homes is choosing to sell now, the company said that what Beazer had to offer made the deal an easy decision.
“While we received proposals from a number of other builders, Beazer Homes’ culture and commitment to delivering both a quality experience for buyers and opportunities for employees most closely aligned with our values,” Venture Homes founder, CEO and President Robert White said. “We’re excited about the opportunities that this combination creates for both our customers and our employees.”
The companies expect the deal to close quickly.