X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOCA RATON, FL-Corporate consolidation in the nation’s homebuilding industry continues. The latest major merger involves the planned sale of Engle Homes to Technical Olympic USA.

The buyer, whose parent in Greece also builds in Britain and Romania, has agreed to pay $215 million for all of Engle’s outstanding shares and assume $250 million of the company’s debt.

Operating in Georgia, North Carolina, Virginia, Colorado, Texas and Arizona in addition to Florida, Engle is one this area’s largest homebuilders of single-family and multifamily product.

The firm is especially active in Broward County where it sold 161 new homes for $38.8 million during this year’s initial six months. For the first nine months of its current fiscal year, Engle generated $25.3 million of profit on revenues of $603.6 million.

Engle also operates mortgage and title insurance companies. In its most recent fiscal year, the firm had sales of $808 million.

Technical Olympic already had a presence in South Florida through its 80% interest in Houston-based Newmark Homes Corp., which has owned Miami’s Westbrooke Communities since 1997. The Greek firm has indicated it might eventually combine the Engle and Newmark operations.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.