Truland Homes has been acquired by Texas-based D.R. Horton Inc. The assets of Truland Homes include approximately 263 lots, 155 homes in inventory and 55 homes in sales order backlog all along the Gulf Coast.
D.R. Horton expects to pay approximately $100 million in cash for the purchase and plans to combine the Truland operations with its current D.R. Horton platforms in Baldwin County and Northwest Florida.
“We are excited for the Truland team to join the D.R. Horton family,” said Donald Horton, chairman of D.R. Horton. “Their quality building operations and strong presence across the Gulf Coast make Truland a great addition to D.R. Horton’s already strong local market operations.”
D.R. Horton also acquired 156 lots and control of approximately 400 lots through option contracts from Truland affiliates and 201 lots and control of approximately 260 lots through option contracts from third parties.
Founded in 2011 by Nathan Cox, Truland Homes builds homes for all stages, catering to first-time, move-up and active adult buyers. It has three offices along the Gulf Coast: Spanish Fort, Alabama, which serves as the company headquarters; and Pensacola and Panama City Beach, Florida.
In 2022, Truland closed 512 homes, equaling $244 million in revenue, with an average home size of approximately 2,340 square feet and an average sales price of $477,000.
“Leading Truland Homes over the last 13 years has been the most rewarding experience of my professional career. The amazing team members that took us from our first home to over a billion dollars in total sales are the ones that deserve all the credit. No matter what, they always came through,” said Cox. “We look forward to continuing as a key lot development partner for D.R. Horton.”
D.R. Horton Inc. is the largest homebuilder by volume in the United States. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 110 markets in 33 states across the nation and closed 83,119 homes in its homebuilding and single-family rental operations during the 12-month period ended March 31, 2023. The company also provides mortgage financing, title services and insurance agency services through its subsidiaries.