D.R. Horton, the largest builder on the 2023 Builder 100 list, expanded in the Gulf Coast with the acquisition of private home builder Truland Homes. D.R. Horton expects to pay approximately $100 million in cash for the purchase and plans to combine the Truland operations with its current platforms in Baldwin County, Alabama, and northwest Florida.
“We are excited for the Truland team to join the D.R. Horton family,” says Donald R. Horton, chairman of the board for D.R. Horton. “Their quality building operations and strong presence across the Gulf Coast make Truland a great addition to D.R. Horton’s already strong local market operations.”
The acquired assets include approximately 263 lots, 155 homes in inventory, and 55 homes in sales order backlog. D.R. Horton also acquired 156 lots and control of approximately 400 lots through option contracts from Truland affiliates and 201 lots and control of approximately 260 lots through option contracts from third parties.
Truland Homes, with operations in the Alabama Gulf Coast as well as Florida's panhandle, ranked 108th on the 2023 Builder Next 100 list. During calendar 2022, Truland Homes closed 512 homes with a revenue of $244 million and an average selling price of $477,000.
“Leading Truland Homes over the last 13 years has been the most rewarding experience of my professional career. The amazing team members that took us from our first home to over a billion dollars in total sales are the ones that deserve all the credit. No matter what, they always came through,” says Truland Homes founder Nathan Cox. “In conjunction with growing Truland Homes over the last decade plus, D.R. Horton has afforded us the honor and privilege of becoming the largest lot supplier within their Gulf Coast region. We look forward to continuing as a key lot development partner for D.R. Horton.”
D.R. Horton has operations in 110 markets in 33 states across the United States and closed 82,930 homes in the 12-month calendar 2022 year. The acquisition of Truland Homes is D.R. Horton’s first since December 2022, when it acquired Fayetteville, Arkansas-based Riggins Custom Homes.