More home building M&A news comes via the Indianapolis Business Journal:
In a deal that closed Oct. 31, Arbor Homes took ownership of Elite Homes Inc., marking Arbor’s first entry into a territory outside of central Indiana. Financial terms of the deal were not disclosed.
Arbor, founded in 1994, filed 1,205 building permits in Indianapolis in 2018, up from 1,066 in 2017. It closed on 1,125 homes last year, with sales primarily in suburban areas on all sides of Indianapolis. Focusing on the entry-level market, Arbor’s average home price last year was $213,000.
Elite, founded in 1976, was ranked the fourth largest builder in the Louisville by Louisville Business First, based on homes completed in 2018. The company has built and sold about 2,500 homes since its founding, including 144 homes last year. It is currently developing nine communities, with homes ranging from $300,000 to over $600,000.
Arbor was acquired in July 2018 by Merryville, Tennessee-based Clayton Properties Group Inc., a division of Berkshire Hathaway, but maintains its headquarters in Indianapolis.
