Ryland Group Inc. is set to acquire 15 new home communities in the Dallas-Ft. Worth market as part of a deal to buy the operations of Texas developer LionsGate Homes, the company said Friday.
The acquisition totals 885 lots. Some homes already have been constructed by builder, headquartered in suburban Dallas. Terms of the sale were not immediately disclosed.
The purchase, which just went under contract and has yet to close, will be Ryland’s third in the last year. It acquired Timberstone Homes’ operations in Charlotte and Raleigh, N.C. last July and Trend Homes in Phoenix in December.
Ryland is one of the country’s largest homebuilders, with operations in 14 states. The company has been doing well recently as the housing market recovers.
New orders in the first quarter increased 54 percent to 2,051 units, compared to 1,328 units for the first quarter of 2012, with most orders coming from the southeast.
Shares of Ryland hit a 52-week high on the news, trading at $48.42 midday
Friday on the New York Stock Exchange.