PulteGroup, Inc. has acquired the real estate assets of Dublin, Ohio-based Dominion Homes, a homebuilder with a significant presence in the Ohio and Kentucky markets.
The deal involves an initial acquisition of about 6,500 lots, with 1,600 additional lots slated for purchase within the next 45 days upon completion of additional due diligence. These lots are spread throughout 27 open communities in Columbus, 11 in Louisville and three in Lexington. The specific financial terms of the transaction were not disclosed.
"In purchasing Dominion's real estate portfolio, we acquired a number of well-located communities and immediately establish PulteGroup among the top builders in three new markets: Columbus, Louisville and Lexington, two of which are top 50 homebuilding markets in the US," said Richard J. Dugas, Jr., chairman, president and CEO of PulteGroup. "Dominion's land pipeline expands our Midwest operations into three top metro markets, and gives us a great platform for further investment and growth."
Dugas added that Dominion CEO Keith Tomlinson -- who is a former Pulte employee -- will be working closely with Pulte's executive management team to optimize the homebuying experience in these markets.
Dominion churned out about 850 homes in 2013, bringing in revenues of approximately $170 million.