Scottsdale, Ariz.-based Meritage Homes is entering the Nashville market via its acquisition of Phillips Builders in Tennessee.
The acquisition includes roughly 500 lots, with 150-200 homes expected to close in 2014. Phillips will retain its brand name and management structure, with Jason and Charlie Phillips remaining at the helm of the company.
"The acquisition of Phillips Builders provides Meritage with a successful operation, respected management team and valuable asset position in the strong and growing Nashville market," said Steven J. Hilton, chairman and CEO of Meritage Homes. "This is our fourth expansion market in the last two years and is consistent with our strategy to enlarge our Southeast Region. We are excited about the additional opportunities for growth that it presents for Meritage."
Phillips has a stable of 20,000 homes built in Nashville since 1952, typically ranging in price from $175,000 to $425,000.