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The home builder acquired finished sites from Premier Communities
December 20, 2011
Lennar moves into the Pacific Northwest.
Lennar expanded operations into the Pacific Northwest by acquiring about 650 finished sites in the Seattle and Portland markets from privately held Premier Communities, according to the Wall Street Journal.
The company said the acquisition was its first entry into a new market since Atlanta in early 2010. The transaction is expected to add about 200 home deliveries in the second half of next year. Financial terms of the deal were not disclosed.
Ryan McGowan of Premier will head Lennar's operations in Seattle. Ryan Selby, former of D.R. Horton Inc. (DHI), will lead operations in Portland.
Lennar in September reported that fiscal third-quarter earnings slumped 31 percent as the company delivered fewer homes than a year earlier. But orders climbed and Lennar said it expects a profitable fourth quarter.
For more information, read the article.
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