Century Communities has acquired the operations and assets of Peachtree Communities in Atlanta for $55 million.
With the acquisition, Century has taken control of Peachtree’s land, homes under construction and model homes in 36 communities in the greater Atlanta area.
The communities offer one- and two-story single family homes with sizes ranging from 1,235 square feet to nearly 5,100 square feet. Also, as a result of the transaction, Century Communities now owns or controls 2,120 lots in Greater Atlanta, and its total land position of owned and controlled lots to 11,569 (representing an increase of 39 percent since the end of 2013).
“We are very pleased to announce this acquisition, which marks our entry into the Atlanta market,” said Dale Francescon, Century’s co-chief executive officer. “This transaction provides a significant foothold in an area that has historically been one of the most active markets for new home construction and continues to improve at a pace that exceeds the national housing recovery. This transaction builds on our strategy to focus on markets with favorable demographics and economic growth.”
In addition, Century announced the hiring of Rick Carruthers to lead the Atlanta operations as executive vice president of the company and its Atlanta division president, and Tom Justice as senior vice president of operations in Atlanta.