Houston Home Builder Purchased (briefs)

In Houston, Houston-based Devon Street Homes, which sold 324 houses last year, has been purchased by Smith Douglas Homes, a large builder that is expanding into Houston from its roots in the Southeast.

As part of the purchase, Smith Douglas acquires control of 1,500 lots that were part of Devon Street’s portfolio. With operations in 15 Houston communities, Devon Street targets entry-level housing with houses priced in the upper-$200s, lower $300s range.

Ranked as the No. 38 builder in the nation based on home sales, Smith Douglas Homes sold 2,200 homes last year.

Based in Woodstock, Ga., Smith Douglas operates in the metro areas of Atlanta, Raleigh, Charlotte, Nashville, Birmingham, Huntsville and now in Houston, which is one of the most active markets for single-family building..

“This purchase provides us with a great foundation from which we’ll look opportunistically at other Texas markets,” said Greg Bennett, President and CEO of Smith Douglas Homes.

Whelan Advisory acted as the exclusive financial advisor to Devon Street Homes, which was founded in 2006.

“After growing this company to its current size, I felt a like-minded, multi-market partner such as Smith Douglas Homes could carry on my mission by serving even more Houston families while providing the loyal team of Devon Street Homes associates with even greater future career opportunities,” said Stephen Ray, Founder and President of Devon Street. Mr. Ray will continue to lead the Houston division and all Devon Street associates have been offered positions with Smith Douglas.