Landsea Homes Corporation (Nasdaq: LSEA), a publicly traded residential homebuilder, announced today it closed the purchase of Vintage Estate Homes, a Florida-based homebuilder with communities in Florida and Texas, for $54.6 million in cash.
“We are very pleased to finalize this transaction and gain immediate size and scale within Florida and Texas, two key markets with strong housing fundamentals,” said John Ho, Chief Executive Officer of Landsea Homes. “This acquisition is another step forward in our strategic expansion plans to create sustainable communities in highly-desired locations across the United States.”
“The Vintage Estates Homes team is renowned for providing superior homes at best-in-class value with exceptional customer service. This is a culture and approach very similar to ours, so the transition to our Landsea Homes brand in these important markets should be very seamless.”
Vintage Estate Homes has earned a reputation for building great homes at great value, outstanding design and for building lasting relationships with their customers. It currently has new home communities in high-growth markets in Florida, including Orlando, Palm Bay and Melbourne, as well as Austin and San Antonio in Texas. For the twelve months ended December 31, 2020, Vintage Estate Homes generated $157.1 million in revenue, delivering 405 homes (including build on your own lot) with an average sales price of $387,000. The acquisition adds 1,815 owned or controlled lots and increases Landsea Homes’ backlog as of December 31, 2020, by 405 homes.
With the closing of this transaction, Vintage Estate Homes employees are becoming part of the Landsea Homes team. Builder Advisor Group represented Vintage Estate Homes as its broker in this transaction.
“Today is a monumental day for Vintage as we join the talented Landsea Homes team and bring their great company to Florida and Texas,” said Scott Buescher, President of Land and Operations at Vintage Estate Homes. “Their veteran homebuilding leadership group is impressive, as is their forward-thinking vision, deep commitment to a culture of character and integrity, and unmatched customer service. It’s easy to understand why they have become the homebuilder of choice in each of their markets.”
In eight years, Landsea Homes has grown into one of the premier national homebuilders, with a strong and successful presence in each of their key markets, including Arizona, Northern and Southern California, and now, Texas and Florida – all of which are strategically positioned to continue to grow into the foreseeable future. In 2020, Landsea Homes’ net new home orders increased 294%, and total homes delivered increased 156%, over the previous year.
Ho concluded, “Our mission is to create a best-in-class homebuilding company that is a great place to work and delivers an unprecedented customer experience, including expanded affordability and technologically-enhanced housing options to our homebuyers. Vintage is a perfect fit for this mission and we are thrilled to join forces.”
For more information about Landsea Homes, visit www.landseahomes.com.
About Landsea Homes
Landsea Homes Corporation (Nasdaq: LSEA) is a publicly traded residential homebuilder based in Newport Beach, CA that designs and builds best-in-class homes and sustainable master-planned communities in some of the nation’s most desirable markets. The company has developed homes and communities in New York, Boston, New Jersey, Arizona, and throughout California in Silicon Valley, Los Angeles and Orange County.
