New Home-Builder Acquires a Local Home Builder

April 04, 2011 / Albert Hamon, Mergers and Acquisitions Reporter

M/I Homes, one of the numerous home builders in the United States has recently acquired a local home builder based in San Antonio, Texas. To expand its presence in Texas, M/I Homes acquired the privately held San Antonio-based home builder, TriStone Homes’ assets for an undisclosed price.

New Home-Builder Acquires a Local Home Builder

Another home builder, Lennar Corporation has recently acquired a land property at Berewick, an ideal community situated in Southwest Charlotte, North Carolina, and will be offering new designs for single-family homes, which will be offered below $200,000.

Last year, M/I Homes entered Houston’s residential real estate market last year, and its recent acquisition of home builder’s assets marks its access into the San Antonio market, while continuing its expansion efforts in the state.

The home builder, TriStone Homes, which was founded by David Matlock, constructed 119 homes in 2010. The company sells new home with average selling price of $186,000 — targeting first-time home owners and move-up homebuyers in the entire San Antonio area.

Houses built by TriStone Homes are priced from $140,000 to over $250,000, which are constructed, according to company information, to fit varying budgets and lifestyles

According to the presidents and chief executive officer of M/I Homes, Robert H. Schottenstein, the company’s recent acquisition symbolizes its strategic fit and further enhances M/I’s geographic diversification by acquiring an established home builder within a growing housing market.

A statement from the president of TriStone Homes, David Matlock said the company is also pleased to join forces with M/I Homes.

M/I Homes, Inc mostly build single-family homes, and delivered over 78,000 homes across the country, and paid for the home builder’s assets in cash.

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