William Lyon Homes Inc. recently announced that it has entered the Colorado market after acquiring various entities under the Village Homes name in the Denver metro, Fort Collins, and Granby markets.
Speaking of the deal, Chairman and Chief Executive Officer General William Lyon, said: “The successful completion of this acquisition is another major accomplishment, which will help William Lyon Homes continue to grow as a leader in the homebuilding industry. Village Homes and its employees have developed an excellent reputation for quality and service, and we welcome them to the William Lyon family.”
Established in 1984, Village Homes has been a developer and builder of move-up homes, selling over 10,000 homes in the Denver area in the past 25 years. Currently operating five actively selling communities, the company owns and controls over 700 residential lots. Village Homes’ backlog of homes sold but not yet closed, at the time of acquisition, was around $34 million. The average selling price for 2012 year-to-date was approximately $380,000.
“The acquisition of Village Homes caps a year of growth and change at William Lyon Homes,” said Executive Vice President Matthew R. Zaist. “The Company has seen an inflow of over $125 Million in new equity and continued growth in operating margins and market share in each of our core markets. Our recent capital markets transaction completed in November resulted in the sale of $325 million of unsecured bonds, which the Company used to refinance our existing secured debt.”
J. Eric Eckberg, president of Village Homes, will continue to oversee the operations of Village Homes and will report to executive vice president of William Lyon Homes Inc., Matthew R. Zaist. Gibson, Dunn and Crutcher served as special counsel to William Lyon Homes Inc. on the transaction, while Houlihan Lokey served as special advisors to the company’s executive management team and board of directors.
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Image Courtesy of: www.villagehomes.com