Arlington, Texas Dr. HoughtonThe largest U.S. homebuilder . , said on Thursday (Dec. 15) it will buy the assets of Fayetteville builder Riggins Custom Homes and related entities for $107 million in cash.
This includes approximately 3,000 lots, 170 homes on inventory and 173 homes on a sales order backlog.
Northwest Arkansas Business Journal The deal was first reported in December. 6.
“We are delighted to have the Riggins team join the DR Horton family,” Chairman Donald R. Horton said in a statement. “Their quality building operations and local market expertise make Riggins an excellent extension as we grow our market position with local startups in Northwest Arkansas.”
Fayetteville homebuilders Darin and Kevin Riggins started building homes 30 years ago and have built and developed residential communities throughout Northwest Arkansas.
Twelve months ended November 12. On January 30, 2022, Riggins closed 153 homes (revenue $48 million), with an average home size of approximately 1,925 square feet and an average sale price of $313,600.
“We have truly enjoyed serving our clients and delivering quality homes throughout Northwest Arkansas over the past 30 years,” the Riggins Brothers said in a statement. “Without our wonderful employees, suppliers and With the help of subcontractors, Riggins Custom Homes would not be where it is today. We are excited and look forward to seeing the great value Dr. Houghton will bring to families in Northwest Arkansas.”
Founded in Fort Worth in 1978, DR Horton has been America’s largest homebuilder by volume for 20 years. It operates in 106 markets in 33 states and closed 83,518 homes in its most recent fiscal year, which ended Sept. 15. 30th, 2022.
DR Horton will combine Riggins’ operations with its operations in Northwest Arkansas. The company first forayed into the Northwest Arkansas market more than a year ago. The company purchased 28 lots from Paul and Connie Church’s Gentry’s Pioneer Woods in the fall of 2021 for $1.03 million, according to Benton County property records.
DR Horton recorded its first Arkansas sale last April for a 2,031-square-foot, four-bedroom home for $276,790 ($136.28 per square foot).
Dr. Houghton is currently building homes in the Siloam Springs Heritage Ranch community just north of Mount Olive Street and off North Carr Street.
The company builds and sells single-family homes under several brands, including DR Horton, Emerald Homes, Express Homes and Freedom Homes. DR Horton also provides mortgage financing, title and insurance agency services through internal subsidiaries. Prices range from $150,000 to over $1 million.
DR Horton’s 2021 revenue is $27.9 billion, according to Builder magazine. The company’s revenue for the first six months of 2022 was $15.05 billion, up from $12.38 billion a year earlier. Net income for the first six months was $2.58 billion, also better than $1.72 billion in the same period a year earlier.
DR Horton has ties to Arkansas through its chairman and founder, Donald Horton. He grew up in Marshall (Searcy County) where his father worked as a rancher and real estate agent. After studying at the University of Central Arkansas and the University of Oklahoma, Horton left school in 1972 to return to Marshall, where he joined the family’s real estate business.
Houghton moved to Fort Worth in 1977, built his first home a year later, and launched a business that has become one of the most prolific homebuilding firms in the United States
The company completed its initial public offering of stock in 1992. Shares (DHI: NYSE ) were trading at $89.56 in early Friday trading. Shares have traded between $110.45 and $59.25 over the past 52 weeks.