M/I Homes, Inc., Columbus (NYSE:MHO) said Friday it acquired the assets of TriStone Homes in an all-cash deal, a privately held homebuilder based in San Antonio. The price was not disclosed.
The acquisition marks M/I's entry into the San Antonio market. The company entered the Houston market last year.
TriStone, an entry-level and move-up builder, delivered 119 homes in 2010, with an average selling price of $186,000, with homes priced from $140,000 to more than $250,000, according to M/I.
Robert H. Schottenstein, M/I CEO and president, "TriStone Homes, led by Dave Matlock, has an excellent reputation as a builder of high quality homes, and we are excited to expand into San Antonio by merging the operations of TriStone into our Company. We believe this acquisition represents a great strategic fit for M/I Homes and further enhances our geographic diversification with an established organization in a dynamic, growing housing market."
Matlock, a home builder for more than 20 years, will join M/I Homes as San Antonio Area President.
M/I said the acquisition would have "a minimal impact" on its cash balance and leverage.
Learn more about markets featured in this article: San Antonio, TX.