THE WOODLANDS, Texas, Could 07, 2021 (GLOBE NEWSWIRE) — LGI Houses, Inc. (NASDAQ: LGIH) right this moment introduced it has acquired the true property belongings of Minneapolis, Minnesota-based KenRoe, Inc., a privately held homebuilder and land improvement firm, for roughly $27 million at closing, topic to post-closing changes. KenRoe is acknowledged for constructing high quality properties focused at entry-level patrons. The acquired belongings embody roughly 85 properties beneath development, 130 completed tons, and 390 tons both uncooked or beneath improvement. Moreover, LGI is buying management of roughly 2,500 uncooked, undeveloped tons that can be out there for future gross sales because the Firm continues to develop its operations all through the Minneapolis market.
Eric Lipar, Chairman and Chief Govt Officer of LGI Houses stated, “We’re happy so as to add KenRoe’s precious portfolio of land and their skilled and devoted staff to the LGI Houses household. This opportunistic buy enhances our present positions whereas increasing our geographic presence and product choices, within the extremely engaging and rising Minneapolis market.”
KenRoe Proprietor and CEO, Kent Roessler, stated, “LGI Houses is an ideal match for our firm. LGI units a excessive commonplace with an excellent popularity, a worthwhile enterprise mannequin, and an skilled administration staff which align with the imaginative and prescient we’ve at KenRoe. Our mixed operational excellence will permit for continued progress within the Minneapolis market.”
Builder Advisor Group LLC served as monetary advisor to LGI Houses.
JTW Advisors LLC served as monetary advisor to KenRoe.
About LGI Houses, Inc.
Headquartered in The Woodlands, Texas, LGI Houses, Inc. engages within the design, development and sale of properties in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia and Pennsylvania. Since 2018, LGI Houses has been ranked as the tenth largest residential builder in america primarily based on models closed. The Firm has a notable legacy of greater than 18 years of homebuilding operations, over which period it has closed greater than 45,000 properties. For extra details about the Firm and its new residence developments, please go to the Firm’s web site at www.lgihomes.com.
Joshua D. Fattor
Vice President of Investor Relations