Columbus, Ohio-based M/I Homes Inc. moved into Minneapolis with the acquisition of Hans Hagen Homes to expand its portfolio into Minnesota, according to Brian Ball of Columbus Business First.
The transaction is expected to close before January and the price of the pending cash deal was not disclosed. Hans Hagen has been in the Minneapolis/St. Paul market for 50 years and delivered 122 homes in 2014--making it one of the top 10 homebuilders in the area.
"(Hans Hagen) has a strong reputation as a builder of high-quality homes, and we are confident that we can build on that reputation and continue the company’s long track record of success,” M/I CEO Bob Schottenstein said in the release. “We believe this acquisition represents a good strategic fit for M/I Homes and further enhances our geographic position with an established top-ten position in a dynamic, growing housing market.”