Landsea Homes Acquires Garrett Walker
The acquisition of the Phoenix-based home developer makes Landsea Homes one of the largest homebuilders in Arizona.
“Our strategic focus continues to be creating communities in highly desirable markets across the United States, and Arizona certainly fits that criteria,” Greg Balen, the regional division president in Arizona for Landsea Homes, tells GlobeSt.com. “With a robust local economy and continued job growth, the area is attracting new residents, and providing opportunities for current homeowners to expand to accommodate their growing families.”
Landsea Homes entered the Arizona market two years ago, and hit the ground running. In that time, it has built a portfolio of 1,400 lots in 19 Arizona communities. “Arizona is a key market for Landsea Homes. We entered the market just two years ago with a land purchase for our first community,” says Balen. “This acquisition of Garrett Walker Homes adds 18 communities and more than 1,700 total lots to that portfolio, making Landsea Homes one of the top homebuilders in Arizona.”
The acquisition of Garrett Walker shows the firm’s commitment to and bullishness on Arizona’s home market. “Arizona continues to prove itself as a prime location to live, raise a family and retire with its quality of life, growing economy, relative affordability, low healthcare costs, below-average taxes, abundance of new jobs and premier school districts,” says Balen. “These are very important factors for homebuyers and have created the opportunity for us to showcase our best-in-class modern homes, pioneering commitment to sustainability and inspired spaces that connect seamlessly with the area.”
Garrett Walker was an ideal fit, not only because of its market presence but also because of its team and company culture. “The Garrett Walker Homes team includes high-quality people who understand the value of providing quality homes and unmatched, outstanding customer service throughout the valley,” says Balen. “Combining their portfolio with ours greatly strengthens our reach in this market.”
This positions the company to grow even more in 2020. “This strategic acquisition of Garrett Walker Homes provides a valuable opportunity to accelerate our homebuilding operations in the popular new home market in Phoenix,” says Balen. “We are continuing to extend our company’s commitment to offer high-quality homes in some of Arizona’s most highly desirable and livable locations.”
This acquisition could be the beginning of more M&A activity as well. “We will continue to look for outstanding investment opportunities in the Phoenix metro area; however, there is nothing specific to share at this time,” says Balen.