DR Horton, Inc. (NYSE: DHI) announced on October 19 that it had acquired Braselton Homes, the largest construction company in Corpus Christi.
The acquired residential property comprises approximately 95 lots, 90 houses in inventory and 125 houses in order. DR Horton also acquired control of approximately 840 lots through sales contracts.
In the twelve months ended September 30, 2020, Braselton closed 223 homes ($ 56.3 million in revenue), with an average home size of approximately 1,815 square feet and an average retail price of $ 253,000. DR Horton expects to pay approximately $ 23 million in cash for the purchase and Braselton will operate as a separate division within DR Horton.
Donald R. Horton, Chief Executive Officer, said, “We are excited to have Braselton Homes, local management and employees join the DR Horton family. The experienced, dedicated team and well-established building operations make Braselton a great addition as we continue to expand our presence across Texas. “
Fred Braselton, President of Braselton Homes said, “The Braselton family has been building in Corpus Christi Bay for over 70 years and three generations. We are excited to join the largest home builder in the country and continue to provide quality homes to families in Coastal Bend. “