National Homebuilder CalAtlantic Buys Oakpointe, Expands to WA
Originally published by the following source: Orange County Register — June 15, 2017
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National homebuilding firm CalAtlantic Homes is expanding into the Seattle market after buying a Washington state firm’s homebuilding operation, the company announced.
The builder, with corporate offices in Irvine and Virginia, Tuesday said it purchased the construction arm of Oakpointe Communities, adding 1,750 homesites in 19 Puget Sound-area developments to almost 64,000 lots CalAtlantic already owned.
Following the sale, CalAtlantic operates in 43 housing markets in 19 states, including 31 developments in Orange County, the Inland Empire and the San Gabriel Valley, the company said.
Builder Magazine’s 2017 ranking listed CalAtlantic as the nation’s fifth-largest homebuilder.
“Seattle’s booming economy and strong job market presents a tremendous growth opportunity for CalAtlantic Homes,” CalAtlantic President and Chief Executive Larry Nicholson said in a statement. “We have been looking for the right opportunity to enter the Seattle market for over a decade and are pleased to be able to launch our new operation with a large and enviable land position that is extremely rare for this severely constrained land market.”
CalAtlantic was formed from the 2015 merger of Irvine-based Standard Pacific Homes and Westlake Village-based Ryland Homes.
Under the latest sale, Oakpointe will retain ownership of its land development operations. Terms of the deal weren’t disclosed.
Seven of the 19 Oakpointe developments CalAtlantic acquired are expected to be selling homes by next February, the company said. CalAtlantic offered jobs to all Oakpointe homebuilding employees.