D.R. Horton Set to Buy Pacific Ridge Homes in New Seattle-area Development

 D.R. Horton Set to Buy Pacific Ridge Homes in New Seattle-area Development

Master-planned community home builder D.R. Horton recently agreed to purchase the in-development operations of Seattle-based Pacific Ridge Homes for approximately $72 million. The operations are currently one of the largest community developments expanding in the Northwest region of Seattle. D.R. Horton’s purchase includes roughly 350 home sites, 90 finished homes in inventory, as well as 40 homes in development backlog, said the Fort Worth-based homebuilders in a statement. In addition, the company also acquired approximately 400 lots through option contracts. In Monday’s statement, D.R. Horton also disclosed that Pacific Ridge would continue operating as a detached division within D.R. Horton with co-owner Justin Goff as the president. “Pacific Ridge has an excellent reputation for quality and service. Their well-established building operations make Pacific Ridge a great fit for D.R. Horton as we look forward to expanding our presence in the Greater Seattle area,” said D.R. Horton Chairman Donald R. Horton in an article published on April 27, 2015 in seattletimes.com. As the country's largest homebuilder, D.R. Horton currently operate within 29 states and completed over 32,000 home sales in the year up to March. Though Pacific Ridge operates as one of the largest builders in the Pacific Northwest, the company sold just 182 homes in the same period. Michael Bain is an analyst for New Home Source.
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