New Home Builder Alert – Houston Based LGI Homes Enters Atlanta Market
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It seems that the Atlanta home building market, which was recently ranked as the 5th largest in the country is attracting interest from out of town newcomers. LGI Homes based in Houston, TX has recently named, Adam Corder formerly of Beazer Homes, Crown Communities and Centex as the Division President for Atlanta. In all of these former positions, Corder’s expertise was in the area of land acquisition.
In addition, LGI Homes is currently conducting a search for a Vice President of Construction for the Atlanta area.
The move in to the Atlanta market is consistent with comments made in late 2010 by CEO Eric Lipar to the Houston Business Journal that he planned to expand the company from their base in Texas markets. He cited specific plans to open in Phoenix, Florida and Atlanta in order to position the privately held company for a future public stock offering.
LGI Homes opened in Phoenix in 2011, Tampa in 2012 with plans to also enter the Orlando market and now the final piece of this plan is coming to fruition here in Atlanta.
The company has a very specific niche of building for first time home buyers. Home sites are purchased in what are generally considered B and C locations in order to achieve as low a land cost as possible. This helps to keep mortgage payments in line with what their target market is currently paying in rent.
LGI Homes was ranked number 44 on the most recent Builder 100 ranking with gross revenues of 85.9 million dollars realized from the sale of 627 homes or an average price just over $137,000.
No specific Atlanta locations have been publicly announced at this time.