Landsea Homes Corporation, a residential homebuilder based in Newport Beach, California, has entered into an agreement to acquire Vintage Estate Homes, a Florida-based homebuilder, for $54.6 million.
Vintage Estate Homes employees are expected to transition and become part of the Landsea Homes team, according to a press release.
Vintage Estate Homes has communities in the high-growth areas of Orlando, Palm Bay and Melbourne.
“Since late last year, we have been looking for an ideal opportunity for us to expand into the Florida and Texas markets, and we are pleased to achieve that with the addition of Vintage Estate Homes,” John Ho, chief executive officer of Landsea Homes, said in the release. “This acquisition provides Landsea Homes with the immediate opportunity to gain size and scale in key markets that are consistently maintaining strong housing fundamentals.
“We are very excited to have our Vintage Estate Homes family join the talented team at Landsea Homes,” Scott Buescher of Land and Operations at Vintage Estate Homes said in the release. “Their veteran homebuilding leadership team is very impressive, as is their forward-thinking vision, deep commitment to a culture of character and integrity, unmatched customer service and dedication to becoming the homebuilder of choice in each of these markets.”