JACKSONVILLE, Fla. - Dream Finders Homes, Inc. (NYSE: DFH), a Jacksonville-based homebuilder, has announced the acquisition of the core homebuilding assets of Crescent Ventures, LLC, a move that will broaden its presence in the South Carolina and Tennessee markets. The acquisition includes 457 homesites, a backlog of approximately 460 homes valued at over $265M, and control of about 6,200 lots.
Patrick Zalupski, Dream Finders' Chairman and CEO, commented on the expansion, noting the impressive growth and craftsmanship of Crescent Homes under the leadership of its founder and CEO, Ted Terry. Zalupski emphasized that Dream Finders' capital and operational efficiency would facilitate Crescent's growth and scaling in Charleston, Greenville, and Nashville.
Ted Terry expressed enthusiasm for the partnership, citing alignment in core values and operating philosophy. He anticipates that Dream Finders' public market access and operational expertise will elevate Crescent's performance and growth.
Crescent Homes, established in 2009 by Ted Terry, caters to entry-level and move-up homebuyers, with prices starting in the low-$300,000s. It operates over 25 active selling communities and has closed approximately 5,000 homes since its inception.
The transaction was financed by Dream Finders through cash reserves and its senior unsecured revolving credit facility. Concurrent with the acquisition, Dream Finders also settled Crescent’s vertical lines of credit related to the acquired assets.
Dream Finders Homes is recognized for its asset-light homebuilding model and operates across the Southeast, Mid-Atlantic, and Midwest, with a portfolio that includes Florida, Texas, North Carolina, Georgia, Colorado, and the Washington, D.C. metropolitan area.
This expansion is expected to strategically diversify Dream Finders' operations and enhance its market position. The company also provides mortgage financing and title services through its financial services joint ventures.
The information in this article is based on a press release statement from Dream Finders Homes, Inc.
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