D.R. Horton to Buy Pacific Ridge Homes

D.R. Horton Inc. agreed to buy the homebuilding operations of Seattle-based Pacific Ridge Homes for about $72 million in cash to expand in the U.S. Northwest.

The purchase includes about 350 lots, 90 homes in inventory and 40 homes in order backlog, Fort Worth, Texas-based D.R. Horton said in a statement Monday. The company also acquired control of about 400 lots through option contracts.

Pacific Ridge will operate as a separate division within D.R. Horton, and co-owner Justin Goff will be its president, according to the statement.

"Pacific Ridge has an excellent reputation for quality and service," D.R. Horton Chairman Donald R. Horton said in the statement. "Their well-established building operations make Pacific Ridge a great fit for D.R. Horton as we look forward to expanding our presence in the greater Seattle area."

D.R. Horton, the biggest U.S. homebuilder, operates in 29 states. The company completed sales of 32,504 homes in the year through March, according to the statement. Pacific Ridge sold 182 homes in the period at an average price of $436,000.