Newport Beach-based Landsea Homes acquires Arizona developer – Daily News

on Jan17
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Landsea Homes, a Newport Beach-based developer that has already established a sizable real estate footprint in Arizona, has acquired Garrett Walker Homes, a Phoenix-based builder.

Landsea, a wholly-owned subsidiary of Landsea Green Group, has developed communities in four states. The company entered the Arizona market two years ago and has 19 projects there covering 1,400 home sites.

The deal with Garrett Walker Homes adds 18 more communities and 1,700 lots to Landsea’s Arizona portfolio, making it one of the most active residential developers in that region.

Terms of the deal were not disclosed.

Garrett Walker Homes will continue to operate under its own name, said John Ho, Landsea Homes’ CEO, in a statement. Ho said Landsea has been focusing on the Phoenix area because of strong economic growth in the area.

“With a robust local economy and continued job growth, the area is attracting new residents, and providing opportunities for current homeowners to expand to accommodate their growing families,” Ho said in the statement.

Jeff Garrett, CEO of Garrett Walker Homes, said his team became convinced that the senior leadership at Landsea would be the best option for carrying on his company’s legacy.

Landsea Homes has developed the high-end Lido Villas project in Newport Beach and IronRidge in Lake Forest. It’s also working on ShadeTree, a master-planned community in Ontario that will feature 432 one- and two-story single-family homes.

The developer also has Northern California projects in Milpitas, Newark, Santa Clara, Danville and Sunnyvale as well as developments in New Jersey and Boston.



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