TRI Pointe Group (NYSE: TPH) announced that it is expanding its Texas footprint with the acquisition of Dallas-based home builder Dunhill Homes and its 55+ brand Nathan Carlisle Homes, both Winchester Carlisle Companies, for a cash purchase price of approximately $60 million.
Dunhill is expecting to deliver more than 300 homes for the full year 2018 and reports nearly 1,500 lots owned or controlled as of December 11th, 2018 in the Dallas-Fort Worth region, with both entry-level, first move-up and 55+ communities.
Effective January 1, 2019, Dunhill Homes and Nathan Carlisle will begin operating under the name of Trendmaker Homes, which is TRI Pointe’s established regional home building brand in Houston and Austin.
“When researching entry into the Dallas-Fort Worth market, our goal was to identify a customer-driven, best-in-class local company with a strong leadership team with the same kind of values, mission and vision that defines TRI Pointe,” said TRI Pointe Group CEO Doug Bauer. “Seeing a close alignment of culture and philosophy, it quickly became clear that company was Dunhill Homes. Our newest division will benefit from the financial resources, economies of scale, thought leadership and research & development capabilities of a national organization, while TRI Pointe Group will gain another quality, regional home building division with strong leadership under Rich Rodriguez, who has been Dunhill Homes’ and Nathan Carlisle’s president since 2016, as well as the agility, local insight and trusted relationships that create a unique advantage in the marketplace in the entry-level, first move-up and 55+ buyer segments.”
“The Dallas-Fort Worth metro area is attractive in many ways, from its impressive business growth and employment opportunities to its strong housing affordability,” said Rodriguez, the new division president of Trendmaker Homes Dallas-Fort Worth, who brings with him 20 years of real estate experience in home building, development and commercial construction. “With a population growth that is twice the national rate, business climate and its many other advantages, the Dallas-Fort Worth region presents a tremendous opportunity for TRI Pointe Group to bring its successful home building formula to a fertile, high-growth residential market.”
Rodriguez has held senior leadership positions with several national and regional home builders, including Centex, Pulte, John Laing Homes and History Maker Homes. In 2007, the United States Naval Academy graduate and current Deputy Commander of Naval Special Warfare Command in Coronado, California, led Emaar Dubai through the construction of the Burj Khalifa, the world’s tallest building, and the Dubai Mall, the largest indoor mall in the world.