LGI Homes—No. 10 on the 2021 Builder 100—announced it acquired the real estate assets of Buffington Homebuilding Group, one of the largest privately held home builders in Austin, Texas, for approximately $40 million in cash at closing, subject to post-closing adjustments.
The acquired assets include over 100 homes under construction, over 350 finished lots, and control of approximately 150 additional finished lots that will be available for future sales. According to the press release, the acquired communities increase LGI’s entry-level scale and create the opportunity to introduce its luxury Terrata Homes brand to the Austin market.
“We welcome Buffington Homes and its talented team of employees to LGI,” says Eric Lipar, chairman and CEO of LGI Homes. “With its impressive portfolio of communities and strong land positions, Buffington is the ideal opportunity for us to expand our growth in the attractive Central Texas market.”
Established in 2009, Buffington has built quality homes with eco-friendly features and smart home technology targeted at first-time and move-up buyers in the Austin and San Marcos markets. Builder Advisor Group served as financial advisor to Buffington Homes in the sale.
“We are excited to join the LGI Homes team and continue to serve homeowners in the booming Central Texas market,” says Blake Buffington, managing partner at Buffington Homebuilding Group. “This transaction represents the next logical step in realizing the Buffington team’s desire to create Austin’s premier home builder. LGI’s core values, customer-centric philosophy, and passion for making homeownership attainable fit perfectly with the culture we’ve built at Buffington.”
