The acquisition supports the builder's expansion in the Raleigh, North Carolina, market.
Ashton Woods—No. 15 on the 2021 Builder 100—announced that it has acquired the assets of Capitol City Homes, the fifth largest private home builder in Raleigh, North Carolina.
The acquisition further expands the land positions of both Ashton Woods and its subsidiary, Starlight Homes, in the attractive Raleigh market, with over 1,500 total lots and homes owned and controlled across approximately 40 communities.
Jason Morrow and Trey McDonald, the leadership team of Capitol City Homes, have both assumed leadership positions within Raleigh’s Starlight operation.
“We are excited to welcome the talented team from Capitol City Homes into the Ashton Woods/Starlight Homes family,” says Ken Balogh, CEO at Ashton Woods. “Jason and Trey are both proven operators with deep market and land experience, and they will be a driving force behind the success of Starlight Homes in our Raleigh market.”
Established in 2010, Capitol City Homes builds homes ranging from the $200,000s to the $500,000s in Raleigh submarkets including Fayetteville, New Bern, Pittsboro, Rolesville, Roxboro, Wake Forest, and Zebulon.
“We are a group of people passionate about helping families realize their dreams. Building homes is simply a means to that end,” says Morrow, who will be assuming the role of division president for Starlight Homes in Raleigh. “In joining the Ashton Woods/Starlight Homes team, we have an opportunity to accelerate our vision and expand our impact in the Raleigh market, and we couldn’t be more excited.”
Capitol City Homes was represented by Hazeloop-Walsh & Associates in the transaction.