THE WOODLANDS, TX, July 15, 2021 (GLOBE NEWSWIRE) – LGI Homes, Inc. (NASDAQ: LGIH) announced today that it has acquired real estate properties from the Buffington Homebuilding Group, Ltd. (“Buffington”), one of the largest private property developers in Austin, Texas, valued approximately $ 40 million in cash at close, after adjusting for post-close adjustments. The acquisition further expands LGI Homes ‘land position in the highly attractive Central Texas market and marks another major step forward in LGI Homes’ goal of becoming one of the top five national construction companies. The acquired assets include over 100 homes under construction, over 350 finished plots and control of approximately 150 more finished plots that will be available for future sales. The acquired communities expand LGI’s entry-level scale and create an opportunity to introduce its luxury brand Terrata Homes to the Austin market.
Eric Lipard, Chairman and CEO of LGI Homes, said: “We welcome Buffington Homes and its talented team of employees to LGI. With an impressive portfolio of communities and strong ground presence, Buffington is the ideal opportunity for us to expand our growth. in the attractive Central Texas market. We believe Buffington is a great addition to our existing Austin communities and the LGI Homes family. ”
Founded in 2009, Buffington has established itself as a manufacturer of quality homes with sustainable features and smart home technologies targeting first-time and growing buyers in the Austin and San Marcos, Texas markets.
Managing Partner Blake Buffington said, “We are delighted to join the LGI Homes team and continue to serve homeowners in the booming Central Texas market. The deal represents the next logical step in realizing the Buffington team’s desire to create a leading construction company in Austin. LGI’s core values, customer-centric philosophy and commitment to making home ownership achievable fit perfectly with the culture we have created at Buffington. LGI is one of the fastest growing and most profitable companies in our industry, and we believe this combination will open up new opportunities for our mission, employees and channel partners. “
Builder Advisor Group LLC served as financial advisor to Buffington Homes.
About LGI Homes, Inc.
LGI Homes, Inc. headquartered in Woodlands, Texas, designs, builds and sells homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California. Oregon, Nevada, West Virginia, Virginia, and Pennsylvania. LGI Homes has been in the top ten since 2018th the largest housing developer in the United States by the number of closed units. The company has a notable legacy of over 18 years of home construction, during which time it has closed over 50,000 homes. For more information about the company and its new developments, visit the company’s website www.lgihomes.com.
The statements in this release, which are not historical statements, are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve significant risks and uncertainties, many of which are beyond the control of LGI Homes. Actual results could differ materially depending on factors including but not limited to: availability of additional finished shipments for future sales; and other risks and uncertainties described in LGI Homes’ Form 10-K Annual Report for the fiscal year ended December 31, 2020, which was filed with the Securities and Exchange Commission (“SEC”) in February 2021, quarterly report on Form 10 -Q for the quarter ended March 31, 2021, which was filed with the Securities and Exchange Commission in May 2021, recent current Form 8-K reports and other SEC filings. These documents also discuss some of the important risk factors that can affect the business, results of operations and the financial condition of LGI Homes. LGI Homes assumes no obligation to publicly review or update any forward-looking statements for any reason.
Joshua D. Futtor
Vice President Investor Relations