Fort Worth-based D.R. Horton added to its operations in the Pacific Northwest with a $72 million purchase of the home-building operations of Pacific Ridge Homes in Seattle.
Pacific Ridge Homes will operate as a division of D.R. Horton and co-owner Justin Goff will serve as its president. The acquisition included 350 lots, 90 homes in inventory and 40 homes in sales order backlog. Horton also acquired control of about 400 lots through option contracts.
Pacific Ridge Homes was founded by four families in 2000 and has since built more than 1,500 homes. For the 12 months ended March 31, Pacific Ridge closed the sale of 182 homes worth $79 million in revenue. Its average selling price was $436,000.
By comparison, Horton closed 32,504 homes in the 12 months that ended March 31.
“Pacific Ridge has an excellent reputation for quality and service,” said Chairman Donald R. Horton, in a statement. “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.”
A year ago, Horton bought the home-building operations of Crown Communities, based in the Atlanta area, for $210 million.
Sandra Baker, 817-390-7727