Century Communities expands again with the acquisition of substantially all the assets of Sundquist Homes (“Sundquist”), a single family homebuilder in the Seattle, Washington market, where it has been operating for over 40 years.
The strategic acquisition expands the Company’s presence in this growing West Coast market and aligns well with the Company’s objective to grow its operations in attractive markets with strong economic fundamentals. The Company initially entered the vibrant Seattle market through its merger with UCP, Inc. in August 2017.
Sundquist’s business is focused on building single-family homes with sales prices generally ranging from approximately $600,000 to $1.1 million and with home sizes ranging from 2,200 to 3,700 square feet. As part of the transaction, Century Communities acquired homes, owned lots and controlled lots in highly desirable submarkets of the greater Seattle area. The combination of Century Communities and Sundquist creates a top-10 homebuilder in the Seattle market, which features a combination of record low inventory and high price appreciation. Larry Sundquist, founder and CEO of Sundquist Homes, will remain with Century Communities.
Dale Francescon, Co-Chief Executive Officer of the Company, stated, “We are very excited to complete this complementary and accretive acquisition, which represents a significant expansion in one of the strongest housing markets in the United States. Sundquist Homes has built a respected local brand and reputation founded on excellence and integrity. We are proud to welcome them to the Century team.”
Rob Francescon, Co-Chief Executive Officer of the Company, stated, “Sundquist is an excellent addition to the Century portfolio. The acquisition brings deep local relationships and a seasoned management team that has been successfully operating in the Seattle market since 1974. Additionally, this acquisition provides an opportunity to drive significant operating efficiencies for our existing Seattle platform and will be accretive to the local operation and the larger business in 2017 and beyond.”
Larry Sundquist commented, “I am truly excited to become a part of the Century team. Over the past 40 years, we have built a reputation in the Seattle area based on our legacy of excellence and integrity in the multitude of homes that we have sold. Century shares our dedication to delivering a quality home buying experience and provides a perfect fit for the next chapter of our growth.”
Sundquist Homes was represented by David Rosen of Long Grove Capital. Builder Advisor Group provided services to Century Communities.
Reported by Company Press Release (Nov. 1, 2017)
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