Landsea Homes hasacquired Phoenix-based Garrett Walker Homes. Theacquisition makes Landsea Homes one of the largest homebuilders inArizona. Garrett Walker builds high-quality, value-basedsingle-family homes in 18 Phoenix-area communities.

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"Our strategic focus continues to be creating communities inhighly desirable markets across the United States, and Arizonacertainly fits that criteria," Greg Balen, theregional division president in Arizona for Landsea Homes, tellsGlobeSt.com. "With a robust local economy and continued job growth,the area is attracting new residents, and providing opportunitiesfor current homeowners to expand to accommodate their growingfamilies."

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Landsea Homes entered the Arizona market two years ago, and hitthe ground running. In that time, it has built a portfolio of 1,400lots in 19 Arizona communities. "Arizona is a key market forLandsea Homes. We entered the market just two years ago with a landpurchase for our first community," says Balen. "This acquisition ofGarrett Walker Homes adds 18 communities and more than 1,700 totallots to that portfolio, making Landsea Homes one of the tophomebuilders in Arizona."

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The acquisition of Garrett Walker shows the firm's commitment toand bullishness on Arizona's home market. "Arizona continues toprove itself as a prime location to live, raise a family and retirewith its quality of life, growing economy, relative affordability,low healthcare costs, below-average taxes, abundance of new jobsand premier school districts," says Balen. "These are veryimportant factors for homebuyers and have created the opportunityfor us to showcase our best-in-class modern homes, pioneeringcommitment to sustainability and inspired spaces that connectseamlessly with the area."

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Garrett Walker was an ideal fit, not only because of its marketpresence but also because of its team and company culture. "TheGarrett Walker Homes team includes high-quality people whounderstand the value of providing quality homes and unmatched,outstanding customer service throughout the valley," says Balen."Combining their portfolio with ours greatly strengthens our reachin this market."

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This positions the company to grow even more in 2020. "Thisstrategic acquisition of Garrett Walker Homes provides a valuableopportunity to accelerate our homebuilding operations in thepopular new home market in Phoenix," says Balen. "We are continuingto extend our company's commitment to offer high-quality homes insome of Arizona's most highly desirable and livable locations."

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This acquisition could be the beginning of more M&A activityas well. "We will continue to look for outstanding investmentopportunities in the Phoenix metro area; however, there is nothingspecific to share at this time," says Balen.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.