Original article by: BUILDER Online
The transaction will mark the California-based builder's entry into the Florida and Texas housing markets.
Newly public builder Landsea Homes—based in Newport Beach, California, and ranked No. 48 on the 2021 Builder 100—announced it has entered into a definitive agreement to acquire Vintage Estate Homes, a Florida-based builder with communities in both Florida and Texas. Once completed, the transaction will mark Landsea Homes' entry into the Florida and Texas housing markets.
Landsea Homes intends to purchase Vintage Estate Homes for $54.6 million in cash. The transaction is expected to close in early May, subject to customary closing conditions. Builder Advisor Group represented Vintage Estate Homes as its broker in the transaction.
“Since late last year, we have been looking for an ideal opportunity for us to expand into the Florida and Texas markets, and we are pleased to achieve that with the addition of Vintage Estate Homes,” says John Ho, CEO of Landsea Homes. “As an innovative home builder with a long-established presence in these markets, the Vintage Estate Homes team is renowned for providing superior homes at superior value and exceptional customer service with an approach that is very similar to ours. This acquisition provides Landsea Homes with the immediate opportunity to gain size and scale in key markets that are consistently maintaining strong housing fundamentals.”
Founded in 2012, Vintage Estate Homes has new-home communities across several real estate markets in Florida, including Orlando, Palm Bay, and Melbourne, as well as Texas, including Austin and San Antonio. Upon the closing of the transaction, Vintage Estate Homes employees are expected to transition and become part of the Landsea Homes team.
“We are very excited to have our Vintage Estate Homes family join the talented team at Landsea Homes,” says Scott Buescher, president of land and operations at Vintage Estate Homes. “Their veteran home building leadership team is very impressive, as is their forward-thinking vision, deep commitment to a culture of character and integrity, unmatched customer service, and dedication to becoming the home builder of choice in each of their markets."