Dream Finders Homes has expanded into the Charleston and Greenville, South Carolina, and Nashville, Tennessee, markets through the acquisition of Crescent Ventures.
Assets acquired include 457 home sites in varying stages of construction, a backlog of approximately 460 homes with a value in excess of $265 million, and approximately 6,200 lots under control.
“We are excited about this acquisition and our partnership with Crescent’s founder and CEO, Ted Terry, and the Crescent Homes team. We are impressed by Ted’s vision and his ability to deliver high-quality homes with exemplary craftsmanship over the past 15 years, growing from their headquarters in Charleston to the equally desirable housing markets of Greenville and Nashville,” says Dream Finders Homes chairman and CEO Patrick Zalupski.
Crescent Homes was founded by Terry in 2009 and has closed approximately 5,000 homes. The builder serves entry-level, first-time move-up, and second-time move-up buyers with prices starting in the low $300,000s. The company has more than 25 actively selling communities across its three metropolitan areas of operation.
“Our partnership with Dream Finders Homes will allow the Crescent Homes team to build upon an already successful track record and provide us with a tremendous platform for growth,” says Terry. “I am truly excited to join forces with a team who is so closely aligned with our core values, operating philosophy, and commitment to professional growth and development.”
Dream Finders Homes funded the transaction with cash on hand and borrowings from its existing senior unsecured revolving credit facility. Simultaneously with the acquisition closing, Dream Finders paid off Crescent Ventures’ vertical lines of credit associated with the assets acquired.
“With Dream Finders’ access to the public capital markets, diverse operational expertise, and history of successful home builder integration, we are confident that we will be able to achieve superior operational performance and take the company to new heights,” says Terry.
Jacksonville, Florida-based Dream Finders Homes ranked No. 14 on the 2023 BUILDER 100 list, closing 6,878 homes in 2022. The builder operates in Florida, Texas, North Carolina, South Carolina, Georgia, Tennessee, Colorado, and the Washington, D.C. metro area. Dream Finders Homes expanded its Florida operations by opening a Tampa division in January.
JTW Advisors served as the sell-side M&A adviser to Crescent Ventures. The company previously worked as the sell-side adviser in Landsea Homes' acquisition of Richfield Homes and Trumark Homes' acquisition of Wathen Castanos Homes.
