From the notebook of business editor Tim Rausch

Texas company buys subdivision developer

Crown Communities, which has built several subdivisions in Augusta, is now owned by a Fort Worth, Texas, company.

 

D.R. Horton Inc., which is publicly traded on the New York Stock Exchange, bought the “homebuilding assets” of the Atlanta-based Crown for $210 million in cash.

 

Those assets include a sales order backlog of approximately 420 already-sold houses, 640 houses in inventory and 2,350 lots. D.R. Horton also acquired control of approximately 3,400 lots through option contracts.

 

Donald R. Horton, the chairman of the board, said: “The acquisition also adds the Augusta and Spartanburg, S.C., markets to our expansive geographic footprint, while strengthening our presence in Greenville and Columbia, S.C. We believe the combined D.R. Horton and Crown team will be a strong platform for further growth in these dynamic markets in the Southeast.”

 

Crown has 13 communities in the metro area, including Willhaven Estates near Fort Gordon and Sage Creek in Graniteville.

 

D.R. Horton claims it is the largest homebuilder in the U.S. based on the number of homes built over the last 12 months. Crown will now be a division of D.R. Horton.

 

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