Denver-based MDC Holdings has acquired the assets of SDC Homes, LLC, the third largest home builder in Seattle, for an undisclosed purchase price paid in cash and restricted stock. The acquisition marks MDC’s entry into the Seattle market.
Assets acquired include vacant residential lots and homes in various stages of construction, spread throughout 11 communities. Approximately 80 employees from SDC Homes have joined MDC’s Seattle-based homebuilding subsidiary, Richmond American Homes of Washington, Inc., including employees working in construction, purchasing, sales, marketing and finance.
SDC Homes, which closed over 250 homes in 2010, was founded in 2007 by Robert Trent, who has joined Richmond American Homes of Washington as division president.
“I am excited to have the opportunity to join the team,” said Trent. “The combination of my local-market experience with Richmond American's extensive expertise and resources should drive considerable success and growth for us in Seattle.”
“Given SDC’s position as the third largest home builder in Seattle, this acquisition puts us in a strong position in this market,” said David D. Mandarich, MDC’s president and COO. We expect this acquisition to begin providing home closings and revenues immediately, and to be accretive to net operating results starting in 2012. The former SDC Homes employees who have joined Richmond American Homes have many years of experience in Seattle and will contribute much to achieving our vision of being a homebuilding leader in this market. We are very pleased to welcome such a successful group of new employees to Richmond American.”