Atlanta-based PulteGroup announced today it is buying “certain homebuilding assets” of John Wieland Homes and Neighborhoods.
The purchase will include about 7,400 lots and 280 homes, the company said.
The deal, which will close in the first quarter of the new year, will cost between $430 million and $450 million, according to Pulte.
Wieland is one of the country’s 100 largest homebuilders. Wieland is an especially significant presence in in the construction of luxury homes in Atlanta, Charleston, Charlotte, Nashville and Raleigh.
During the 12 months ended September, Wieland finished 565 homes, officials said. The homes sold for an average of $495,000 and generated $280 million in revenue, the company said.
With the southeast growing, the purchase of Wieland is an opportunity to bulk up market share in coming years, said Richard Dugas, Jr., chairman, president and CEO of PulteGroup in a statement this morning. “We have tremendous respect for the experienced team within the Wieland organization, the quality of the homes they deliver and the strength of the Wieland brand.”
