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Based in Arlington, Texas DR Horton IncThe nation’s largest homebuilder said Friday (Dec. 16) that it will pay $107 million in cash for Fayetteville builder Riggins Custom Homes and Related Properties.
Included are approximately 3,000 lots, 170 homes in inventory and 173 homes in sales order.
Northwest Arkansas Business Journal He first reported the deal on December 6.
“We are pleased to have the Riggins Group join the DR Horton family,” Chairman Donald R. Horton said in a statement. “Their quality construction work and local market knowledge make Riggins an excellent extension as we grow our local startup marketplace in Northwest Arkansas.”
Fayetteville homebuilders Darin and Kevin Riggins began building homes 30 years ago and have built and developed residential neighborhoods throughout Northwest Arkansas.
In the year For the twelve months past November 30, 2022, Riggins closed 153 homes with an average area of 1,925 square feet and an average sales price ($48 million in revenue).
“We have had the pleasure of serving our customers and providing quality homes in Northwest Arkansas for the past 30 years,” Riggins Brothers said in a statement. “Riggins Custom Homes would not be where it is without the help of our wonderful employees, suppliers and subcontractors. We are excited and look forward to seeing the great value DR Horton brings to Northwest Arkansas families.
In the year Founded in Fort Worth in 1978, DR Horton has been the largest homebuilder by volume in America for 20 years. It operates in 106 markets in 33 states and closed 83,518 homes in its most recent fiscal year, which ends Sept. 30, 2022.
DR Horton integrates Riggins operations with Northwest Arkansas. The company first dipped its toe into the Northwest Arkansas market about a year ago. According to Benton County property records, the company was In late 2021, he purchased 28 lots in Gentry Pioneer Woods from Paul and Connie Church for $1.03 million.
DR Horton recorded its first Arkansas sale last April, a 2,031-square-foot, four-bedroom residence for $276,790 ($136.28 per square foot).
DR Horton is now building homes in Siloam Springs’ Heritage Ranch neighborhood, just off North Carl Street and north of Mount Olive Avenue.
The company builds and sells single-family homes under several brands, including DR Horton, Emerald Homes, Express Homes and Freedom Homes. In addition, DR Horton offers home loan financing, title and insurance agency services through home branches. Prices range from $150,000 to $1 million.
According to Builder magazine, Dr. Horton’s had revenue of $27.9 billion in 2021. The company reported revenue of $15.05 billion in the first fiscal six months of 2022, up from $12.38 billion in the same period last year. Net income for the first six months was $2.58 billion, up from $1.72 billion in the same period last year.
DR Horton has ties to Arkansas through its chairman and founder, Donald Horton. He grew up in Marshall (Searcy County), where his father worked as a rancher and realtor. After attending the University of Central Arkansas and the University of Oklahoma, Horton left school in 1972, returned to Marshall and joined his family’s real estate business.
Horton in 2010
The company It completed its initial public offering in 1992. Shares of (DHI:NYSE) were trading at $89.56 during midday trading on Friday. Over the past 52 weeks, the stock price has ranged between $110.45 and $59.25.
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