Ryland Homes announced Friday that it has gone forward with the acquisition of Cornell Homes, marking a strategic move into the tri-state market for the homebuilder.
Cornell Homes is one of Philadelphia's largest private homebuilders and currently operates in 12 communities. The acquisition will provide Ryland with 97 homes that are sold and ready for delivery, eight decorated models and 1,716 lots for future projects.
“We are pleased to announce the acquisition of Cornell Homes, which is consistent with our strategy of expanding into new markets that present opportunities for growth," said Ryland CEO and president Larry Nicholson. "We are excited about the current and future land positions we have acquired as a result of the purchase of Cornell."
Cornell president Greg Lingo will assume the role of Philadelphia Division President under Ryland.