Meritage Homes To Acquire Atlanta Builder Legendary
Scottsdale, AZ, July 14, 2014 -- Meritage Homes said it will acquire the Atlanta-based homebuilder Legendary Communities for approximately $130 million.
Legendary is one of the largest privately-held homebuilders operating along the I-85 corridor and has a significant presence in the Atlanta and Greenville-Spartanburg markets, as well as a position in Charlotte, North Carolina that is expected to bolster Meritage’s current operations there.
Atlanta is the second largest and fastest growing housing market in the U.S. based on single-family permits activity in 2013, and the Greenville-Spartanburg market is expected to experience growth in single-family permits of approximately 20% from 2013 to 2015.
Both Atlanta and Greenville-Spartanburg will be new markets for Meritage, while Legendary’s Charlotte operations will be combined into Meritage’s existing division there.
Legendary was founded in 2009 and builds homes primarily for first and second move-up buyers, with base home prices ranging from approximately $120,000 to $550,000.
The company closed approximately 500 homes and generated approximately $156 million of revenue in 2013.