Landsea Homes has expanded further into the Florida market with a $250-million acquisition of Hanover Family Builders of Orlando.
The Newport Beach-based developer inked the deal by paying $179.3 million in cash and by assuming $69.3 million in Hanover debt, the Orange County Business Journal reported.
The purchase by publicly traded Landsea Homes – an affiliate of a China-based development firm – marks its second Florida acquisition, following a $55-million purchase of Vintage Estate Homes last year.