D.R. Horton has announced its $210 million acquisition of the homebuilding operations of Crown Communities, a major builder based in Atlanta with a geographic footprint spanning Georgia, South Carolina and eastern Alabama.
National home builder D.R. Horton reported revenue for its fourth fiscal quarter 2012 of $1.3 billion, a 21% increase from $1.1 billion in the same quarter of 2011. Homes closed in the quarter increased 12% to 5,575, compared with 4,987 homes a year ago.
Net income for the fourth quarter, which ended Sept. 30, was $100.1 million, compared with $35.7 million in the fourth quarter of 2011.
Fort Worth, Texas-based home builder D.R. Horton has acquired the homebuilding operations of Breland Homes, which operates in Huntsville, Mobile and Baldwin County in Alabama and along the gulf coast of Mississippi. The home-building operating assets included about 320 homes in inventory and 1,020 finished lots. D.R. Horton will also control an additional 3,700 lots through option contracts.
A group of 19 California homeowners who bought their homes between 2004 and 2006 -- each with a 20% or more down payment -- won the right to sue D.R. Horton, Richmond American, Shea Homes, Lennar Homes and other production home builders for devaluing their properties with risky lending practices.