D.R. Horton acquires Crown Communities for $210 million
Crown Communities, a member of the Home Builders Association of Greenville, has been acquired by D.R. Horton, Inc. Crown Communities builds in Georgia, South Carolina and eastern Alabama and is a top-five builder in the Upstate. The purchase price for Crown is reported to be approximately $210 million.
Crown will reportedly operate as a separate division within D.R. Horton. Crown is ranked as the 28th largest builder in the United States by Builder Magazine. The homebuilding assets acquired include a sales order backlog of approximately 420 homes sold, 640 homes in inventory and 2,350 lots.
D.R Horton also acquired control of approximately 3,400 lots through option contracts. In calendar 2013, Crown closed 1,540 homes ($375 million in revenue) with an average home size of approximately 3,500 square feet and an average sales price of $244,000.