Publicly-traded builder Landsea Homes Corp. is planning to enter the Florida and Texas housing markets. The company, which went public in September 2020, has entered into a definitive agreement to purchase Vintage Estate Homes, a Florida-based home builder with communities in both Texas and Florida.
Based in Newport Beach, Calif., Landsea Homes expects to close the $54.6 million cash deal in early May. The company is controlled by Landsea Green Properties Co. of China and has developed homes and communities in New York, Boston, New Jersey, Arizona, and throughout California in Silicon Valley, Los Angeles and Orange County. The company’s value jumped 3% following the news of the deal with Vintage, up to $440 million.
“Since late last year, we have been looking for an ideal opportunity for us to expand into the Florida and Texas markets, and we are pleased to achieve that with the addition of Vintage Estate Homes,” said John Ho, chief executive officer of Landsea Homes. He added that this acquisition will allow the company to grow in key markets that consistently maintain strong housing fundamentals.
Vintage Estate Homes, which was founded in 2012, has new-home communities in Austin and San Antonio. Once the acquisition is complete, Vintage Estate Homes employees are expected to transition to the Landsea Homes team.