AUSTIN – (Realty News Report) – LGI Homes, a publicly traded builder based in The Woodlands, is expanding its presence in Austin, one of the nation’s most active housing markets.
LGI Homes recently acquired the real estate assets of Buffington Homebuilding Group, one of Austin’s largest privately held homebuilders, for approximately $40 million in cash. The transaction includes more than 100 homes currently under construction, over 350 completed lots, and control of roughly 150 additional finished lots that will be available for future sales.
“With its strong portfolio of communities and valuable land positions, Buffington represents an ideal opportunity to grow in the attractive Central Texas market. Buffington complements our existing Austin communities and strengthens the LGI Homes family,” said Eric Lipar, Chairman and Chief Executive Officer of LGI Homes.
In addition to the acquisition, LGI Homes announced that its upscale division, Terrata Homes, has begun selling in the Austin area with the opening of its newest community, Spicewood Trails.
Homes at Spicewood Trails start in the mid-$700,000s.
The Terrata Homes collection at Spicewood Trails features five newly designed floor plans ranging from 2,643 to 3,976 square feet. The community offers homes on one-acre lots, catering to buyers seeking larger homesites and upscale finishes.
LGI Homes designs, constructs and sells homes across a broad footprint that includes Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia and Pennsylvania. Since 2018, LGI Homes has been ranked as the 10th largest residential builder in the United States by number of closings.
In 2020, LGI Homes reported $323.9 million in net income, an increase of 81.3 percent from 2019. The Texas-based builder closed the sale of 9,339 homes in 2020.
July 20, 2021 Realty News Report Copyright 2021
Image: Courtesy: LGI Homes Inc.
For readers interested in Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
File: LGI Homes Expands Austin Activity
File: (2) Spicewood. LGI Homes Expands Austin Activity, Terrata Homes. Eric Lipar