Home South Communities, one of Atlanta’s top privately held builders, was acquired by CalAtlantic, one of the nation’s largest home builders, who is also in the midst of a merger with Lennar Corp. With the acquisition, CalAtlantic gains 970 home sites across 17 communities, seven of which are actively selling, with the remainder slated to open for sales in 2018.
“Home South Communities is a well-respected homebuilder in the Atlanta marketplace that shares our core values and commitment to quality craftsmanship,” said Casey Hill, Atlanta Division President for CalAtlantic Homes, in a release issued by the national builder. “Adding the designs and geographic diversity of Home South Communities to CalAtlantic’s already strong Atlanta presence will allow us to continue to grow our business while providing an exceptional homeownership opportunity to buyers across the homebuilding spectrum.”
This acquisition will further strengthen Lennar’s land hold in the Atlanta market as the $9.3 billion merger with CalAtlantic is slated to be underway in early 2018. The merger already stands to create the nation’s No. 1 home builder by revenue. Lennar is currently the fifth largest home builder in Atlanta based on number of homes closed in 2016, and CalAtlantic ranks No. 7.
“Home South actually has the best land position of three companies,” said Carol Morgan. “Steve Palmer has done an impressive job of creating and managing this company. Kudos to him, the Bowens, the Capes and the Phelps. I hope they are running to the bank and then going somewhere fun and tropical.”
An added bonus of the merger is the offer by CalAtlantic to keep Home South employees in place and actively participating in the homebuilding operations.