Lgi homes acquires real estate assets of central texas homebuilder

The woodlands, texas, july 15, 2021 (globe newswire) -- lgi homes, inc. (nasdaq: lgih) today announced it acquired the real estate assets of buffington homebuilding group, ltd. (“buffington”), one of the largest privately held homebuilders in austin, texas, for approximately $40 million in cash at closing, subject to post-closing adjustments. this acquisition further expands lgi homes' land position in the highly attractive central texas market and marks another important step forward in lgi homes' goal to become a top five national homebuilder. 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. the acquired communities increase lgi's entry-level scale and create the opportunity to introduce its luxury terrata homes brand to the austin market.
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