By Alison Rice. Pulte boosted its California holdings in April, buying the assets of builder ColRich Communities. The purchase brings Pulte 500 entitled lots in San Diego and 150 projected additional closings this year. Lennar also bought in California, adding Coleman Homes of Bakersfield to its mix. Coleman closed 400 homes in 2002.
Hovnanian Enterprises also hit the acquisition trail, picking up Canton, Ohio-based Summit Homes in April. Summit, an on-your-lot builder in Ohio, Pennsylvania, and West Virginia, closed 500 homes in 2002. The deal represents Hovnanian’s first foray into Ohio. Terms were not disclosed for these transactions.