D.R. Horton announced the acquisition of Riggins Custom Homes, one of the largest builders in Northwest Arkansas. The homebuilding assets of Riggins Custom Homes and related entities acquired include approximately 3,000 lots, 170 homes in inventory and 173 homes in sales order backlog. For the trailing twelve months ended November 30, 2022, Riggins closed 153 homes with an average home size of approximately 1,925 square feet and an average sales price of $313,600. D.R. Horton expects to pay approximately $107 million in cash for the purchase, and the Company plans to combine the Riggins operations with the current D.R. Horton platform in Northwest Arkansas. Donald R. Horton, Chairman of the Board, said, "We are excited for the Riggins team to join the D.R. Horton family. Their quality building operations and local market expertise make Riggins an excellent extension as we grow our local start-up market position in Northwest Arkansas."
Published first on TheFly
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