D.R. Horton to Purchase Fayetteville House Builder for $107M | Arkansas Enterprise Information

D.R. Horton Inc. of Arlington, Texas (NYSE: DHI) is rising its presence in one of many nation’s hottest actual property markets by way of the $107 million acquisition of Riggins Customized Properties of Fayetteville.

The money deal contains about 3,000 heaps, 170 properties in stock and 173 properties in gross sales order backlog. D.R. Horton plans to mix the Riggins operations, which posted $48 million in income throughout the 12-month interval ending Nov. 30, with the present D.R. Horton platform in northwest Arkansas.

“Their high quality constructing operations and native market experience make Riggins a superb extension as we develop our native start-up market place in Northwest Arkansas,” Donald Horton, the corporate’s board chair, stated in a information launch.

D.R. Horton has been the biggest homebuilder within the U.S. by quantity since 2002. It has operations in 106 markets in 33 states throughout and closed 81,469 properties throughout the 12-month interval ended June 30.

Riggins, owned by brothers Darin and Kevin Riggins, closed 153 properties with a mean measurement of roughly 1,925 SF in the interval ending Nov. 30. The typical gross sales worth was $313,600.

House costs in northwest Arkansas have elevated 128% over the previous decade because the inhabitants has grown. Costs continued rising this yr, with the typical gross sales worth surging practically 27% in first half of 2022 to $385,821 from $306,236, in keeping with the most recent Arvest Skyline Report.

The Nationwide Affiliation of Realtors expects the northwest Arkansas market to remain scorching in 2023, even because the nationwide market cools considerably. The commerce group ranked northwest Arkansas its No. 4 “market to observe” and stated situations are in place for residence costs to climb at the very least 5% subsequent yr.