Meritage Homes acquires Phillips Builders in Nashville
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.
Bryce Blair joins board at Invitation Homes
Bryce Blair, currently a Senior Advisor to McKinsey & Company and a boardmember at Pulte Homes, will be joining the board at Invitation Homes, the portfolio company of Blackstone Real Estate.
“Bryce’s background building a leading company in the multi-family space, and depth of operational experience will be tremendously helpful as we develop our platform and grow Invitation Homes into a market leader," said Invitation Homes chairman and CEO Nick Gould.
Previously, Blair served AvalonBay Communities for 20 years as chairman of the board and CEO, among other roles. During his time there, he oversaw construction and acquisitions.
“I am looking forward to working with Invitation Homes and Blackstone, as they innovate in the single-family rental space," said Blair. "The company is off to a great start and I see the potential to really help the company execute on its growth plans.”