Landsea Homes just expanded its Texas operation through the acquisition of a North Texas builder.
Landsea, a prolific builder that relocated from California to Uptown Dallas last spring, is buying Arlington-based Antares Homes for $232 million in a cash deal, the Dallas Morning News reported.
Landsea will pay $47 million of Antares Homes’ debt, the outlet reported. Landsea plans to use cash and availability from its revolving credit facility for the transaction, according to a document filed with the Securities and Exchange Commission.
The acquisition, which is expected to be finalized by the end of this quarter, puts Dallas/Fort Worth on the map as Landsea’s ninth market and adds 3,000 building lots to Landsea’s holdings.
Antares is building homes in 19 communities across North Texas, including Van Alstyne, Gunter, Forney, Midlothian and Fort Worth, with home prices ranging from the low $300,000s to over $1 million.
The firm is well positioned in Fort Worth’s growing Chisholm Trail Parkway corridor, Landsea CEO John Ho said. The acquisition “provides us with the perfect opportunity to achieve more size and scale in Texas,” he said.
Antares Homes, founded in the 1990s and led by president Tommy McAden, focuses on speculative builds and targets first-time buyers as well as buyers who are leveling up.
The firm has “deep relationships” in the DFW market, “with proven capabilities in land acquisition, entitlement and development,” the SEC filing states.
Landsea delivered 2,162 homes in the first nine months of last year, and Antares delivered 415 in the same timeframe.
Landsea Homes, founded in 2013 and supported by Chinese real estate development firm Landsea Group, has been active in various markets throughout the nation, including New York, New Jersey and Florida.
In Texas, the firm has been focusing on projects in the Austin area. Landsea is building 880 single-family homes in the south suburb of Kyle, and it acquired 84 single-family home sites in Liberty Hill, northwest of Austin, last summer.
—Quinn Donoghue
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