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April 28, 2015
SEATTLE — Homebuilding giant D.R. Horton bought Seattle-based Pacific Ridge Homes for $72 million.
“Their well-established building operations make Pacific Ridge a great fit for D.R. Horton as we look forward to expanding our presence in the greater Seattle area,” said Donald R. Horton, chairman of the board, in a news release.
The deal includes about 350 lots, 90 homes in inventory and 40 homes in sales order backlog. D.R. Horton also acquired control of about 400 lots through option contracts.
In the past 12 months, Pacific Ridge closed 182 homes worth about $79 million. The average home was 2,600 square feet and cost $436,000.
Pacific Ridge will operate as a separate division within D.R. Horton. Justin Goff, co-owner of Pacific Ridge, is the new division president.