Original article by: BUILDER Online
The California-based builder has acquired Epic Homes, a well-established builder in the Denver market.
Irvine, California–based The New Home Co. has announced its expansion into Denver with the acquisition of Epic Homes, a home builder with a well-established presence in the market.
With homes in major metropolitan areas within California and Arizona, including Southern California, the San Francisco Bay area, metro Sacramento, and the Greater Phoenix area, New Home Co.’s president and CEO Leonard Miller says the transaction diversifies the company’s geographic presence, enhances opportunities for growth, and establishes it in a market with great home building fundamentals.
“We are thrilled to announce our expansion into the Denver market,” says Larry Webb, executive chairman of The New Home Co. “Denver exhibits many of the qualities we look for in a new market, including excellent quality of life, a young and vibrant population, steady job growth, and rising income levels.”
New Home assumed Epic’s backlog of 102 homes valued at approximately $100 million as of the closing date of Feb. 26. In addition, the builder assumed control of Epic’s land assets, which include 294 owned and controlled lots, three active communities, and one soon-to-be-opened community. The average selling price of Epic’s communities range from $600,000 to $1.4 million.
“With the addition of Epic Homes, The New Home Co. enters a very attractive market with an established operator,” adds Miller. “Not only do our two brands align, but [Epic president and founder Christina Presley's] proven track record, deep relationships, and leadership qualities are what really stood out in making our decision to enter the Denver market.”
Presley will remain on board as president of Epic Homes, a newly formed division of The New Home Co.
“I am so excited to be joining our Epic family with the amazing team at The New Home Co.,” says Presley. “The alignment of our companies’ values, vision, and culture is remarkable, and will allow the Epic Homes team to continue our commitment to building homes with exceptional quality and design while upholding people and relationships as our top priority.”