We are extremely excited to build an immediate presence in Las Vegas with the closing of this transaction, which highlights the continuation of our strategy to focus on the best locations in markets with favorable demographics and economic growth."
Greenwood Village, Colorado (PRWEB) April 23, 2014
Century Communities, Inc. (the “Company”), a leading builder of upscale single-family homes, townhomes and flats in select markets, today announced that it has completed the acquisition of the operations and assets of Dunhill Homes Las Vegas Operations. The strategic acquisition continues Century Communities’ strategy of expanding into markets with strong economic fundamentals, through a platform to provide appropriate operational and marketing efficiencies.
“We are extremely excited to build an immediate presence in Las Vegas with the closing of this transaction, which highlights the continuation of our strategy to focus on the best locations in markets with favorable demographics and economic growth,” stated Robert Francescon and Dale Francescon, Co-Chief Executive Officers of Century Communities. “More than the homes and land inventory, this acquisition allows us to add an experienced operations team, with a reputation of delivering quality homes in well-located communities. Additionally, Las Vegas remains a land constrained market, and we are now uniquely positioned within communities that would be very difficult to replicate today, with land inventory to drive future growth.”
The Company acquired land, homes under construction and model homes in five communities, two of which are fully amenitized, master plan communities. The communities offer one- and two-story single family homes with sizes ranging from 1,350 square feet to nearly 3,700 square feet. The homes boast bright and open floor plans with smart, livable designs and provide for extensive options. In addition, two of the master planned communities include 18-hole championship golf courses as well as 35,000 square foot recreation centers with resort-style swimming pools and state-of-the-art fitness facilities.
As a result of this transaction Century Communities now owns 1,849 lots in Las Vegas. The acquisition brings the Company’s total land position of owned and controlled lots to 10,095, an increase of 21 percent since the end of 2013.
ABOUT CENTURY COMMUNITIES:
Colorado-based Century Communities is a leading builder of upscale single-family homes, townhomes and flats located in highly desirable areas in Denver, Colorado Springs, Fort Collins, Colorado, Austin and San Antonio, Texas and Las Vegas, Nevada. Century Communities is a top 100 homebuilder. To learn more about Century Communities please visit http://www.centurycommunities.com.
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These statements are based on the current expectations of the management of the Company and are subject to uncertainty and to changes in circumstances. Major risks, uncertainties and assumptions include, but are not limited to: risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; the Company’s ability to integrate and operate the Dunhill Homes Las Vegas Operations assets successfully after the closing of the acquisition; the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages, and the strength of the U.S. dollar; and other factors. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties.