Larry H. Miller Real Estate (LHMRE), a portfolio company of the Larry H. Miller Group of Companies (LHM Group), announced its plans to acquire Utah-based Destination Homes’ residential construction business.
Destination Homes was established in 2002 by David Bailey and Brad Wilson, two childhood next-door neighbors. Over the past 20 years, the duo has focused on building exceptional homes and lasting communities, and is a longtime partner of LHMRE.
“With the 2021 acquisition of the Daybreak master-planned community, plus other land holdings, acquiring a home building company allows us to further vertically integrate Larry H. Miller Real Estate,” says Steve Starks, CEO at LHM Group. “Destination Homes is a highly respected builder with a strong culture, and we couldn’t be more excited to welcome their great team to the Larry H. Miller family.”
In the last 15 years, the builder has completed over 2,000 homes, reports Scott Lalli, president at Destination Homes. The company has projects in Daybreak, as well as Hill Farms, Windmill Estates, Towns on Main, and Wilcox Farms in Davis County, and Beacon Pointe in Utah County.
“David and I built this business over the last 20 years to become one of the most respected home builders in the region,” says Wilson. “As we evaluated the company’s future, our primary goal was ensuring our mission continues. Given our long-standing relationship with LHMRE and the opportunity to combine organizations with similar values, both parties explored the potential transaction. We believe that this exciting next step will provide longevity for Destination Homes and create an opportunity for it to grow beyond its current potential.”
Bailey, Wilson, and Carter Owens, Destination Homes’ chief financial officer, plan to continue to focus their efforts on their multifamily business, Newtown Residential, and will not remain with Destination Homes. They are committed to helping support LHMRE and Destination Homes throughout the transition.
