Beazer Homes acquiring Atlanta competitor
For the past 12 months, Venture Homes generated $69.9 million of home building revenue from 277 closings.
Beazer Homes USA, Inc. is acquiring Venture Homes, a leading private homebuilder in Atlanta, Ga., for approximately $65 million.
Founded in 1984, Venture Homes has built more than 6,000 homes since its inception. For the past 12 months, Venture Homes generated $69.9 million of homebuilding revenue from 277 closings with an average selling price of $252,200.
Assets being acquired by Beazer include more than 1,000 lots in 9 active communities and 18 future communities, principally serving first time and first move-up homebuyers. The transaction also includes substantial construction work in process as well as 51 homes in backlog.
On a combined basis, Beazer and Venture have closed nearly 500 homes in Atlanta over the past 12 months, which ranks among the top 10 builders in the market.
“This acquisition allows us to accelerate our growth in Atlanta, a highly desirable market supported by robust job growth, solid affordability and favorable supply dynamics,” Allan Merrill, president and CEO of Beazer Homes, said in a prepared statement. “In addition to adding new and future communities, we are pleased to welcome our new colleagues who will enable us to pursue further growth in the Atlanta market in the years ahead.”
With Venture on board, Beazer said it expects Homebuilding revenue of $507.0 million for the third quarter 2018, provided by 1,391 home closings and an average selling price of $364.5 thousand
Based in Atlanta, Beazer Homes is one of the nation’s largest single-family home builders with operations in Arizona,California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas, and Virginia
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