CalAtlantic Homes, Arlington, Va. (NYSE:CAA) on Tuesday said it has entered the Seattle market via the acquisition of the home building operations of Seattle-based developer and home builder Oakpointe, LLC. As a result of the transaction, CalAtlantic now owns and controls over 1,750 home sites in 19 future communities, 7 of which are expected to be actively selling by February 2018.
In connection with the land acquisition, the company’s new Seattle division has offered employment to all of the employees of Oakpointe LLC who were engaged in Oakpointe’s home-building business. The company did not acquire the land development operations of Oakpointe Communities, which will continue to be operated by longtime Seattle developer and Oakpointe Communities Chief Executive Officer, Brian Ross.
Ryan Kemp, 10-year employee of Oakpointe Communities, has been named Division Manager for the new Seattle Division of CalAtlantic, reporting to Ted McKibbin, West Region President for CalAtlantic Homes. Born and raised in the Seattle area, Kemp earned his Finance degree from Washington State University.
“Seattle’s booming economy and strong job market presents a tremendous growth opportunity for CalAtlantic Homes,” said Larry Nicholson, president and CEO of CalAtlantic Group, Inc. “We have been looking for the right opportunity to enter the Seattle market for over a decade and are pleased to be able to launch our new operation with a large and enviable land position that is extremely rare for this severely constrained land market.”
“I am excited to have a home builder with CalAltantic’s outstanding reputation for quality craftsmanship, thoughtfully designed communities and beautifully designed homes make such a significant commitment to our market. We know their well-crafted homes will be an outstanding addition to our communities, including Oakpointe’s Ten Trails master plan community located in Black Diamond, Washington. We look forward to working with CalAtlantic and our other builder partners to make Ten Trails the ideal destination for home buyers,” said Brian Ross, Oakpointe Communities CEO.
