The purchase of Wade Jurney Homes by Century Communities means the creation of one of the largest home builders in the U.S.
Last week, Century Communities announced it had acquired the last 50 percent of Wade Jurney Homes, the 35th largest builder in the country, offering affordable homes in the Mid-Atlantic and Southeastern states of Florida, Georgia, Alabama, and the Carolinas. Wade Jurney Homes will be its own brand within Century, and keep its existing business model, HousingWire reports. Century’s co-CEO Dale Francescon says of the deal, “This geographic expansion includes the Midwest, Arizona and Texas, where we have already begun acquiring lots." The financial terms of the merger were not disclosed as of this reporting.
“Our partnership with Wade Jurney Homes has been extremely positive and allowed us to benefit from increasing demand for entry-level homes through a high-returning asset-light model and enhanced geographic exposure to one of the fastest growing regions of the country,” Francescon said. “Our return on investment has surpassed our expectation in each quarter since inception of the joint venture in 2016 and we are excited to build upon that positive momentum with full ownership of Wade Jurney Homes.”