Wynn Homes, a regional new home builder headquartered in Creedmoor, has announced the sale of its home building company to Houston-based homebuilder LGI Homes for approximately $80 million.
Wynn, which builds homes and townhouses priced from $140,000 to $450,000 across central and eastern North Carolina, will give LGI Homes increased exposure to first-time buyers, LGI says in a news release.
Founded in 1999 as a small local builder, Wynn Homes has grown to one of the region’s largest privately-owned homebuilders with more than 500 homes built in 2018 throughout the Triangle and Wilmington markets. Owners Bill and Christy Wynn have remained at the forefront and personally involved in day-to-day operations throughout the entire 20-year history of the company.
“After 20-years of sustained growth, we have been exploring how to take our company to the next level,” owner and founder Bill Wynn said in a statement. “The current market in the Triangle presented the perfect opportunity to hand the reigns over to a larger entity who could continue that growth. It also gives LGI an entry point into this market at an exciting time in homebuilding. It’s truly a win-win.”
The Wynns will remain with the company during the transition to ensure that the change is smooth and seamless for both new homeowners and the team they have built. “The hardest part of the transition is saying goodbye to our team, who we have come to regard as our family,” said Christy Wynn, vice-president of sales and marketing. “LGI is inheriting a spectacular, dedicated team and we wish them all the best.”
As a result of this transaction, LGI Homes acquired approximately 200 homes under construction, along with approximately 4,000 owned and controlled lots that will be available for future sales as the company expands operations throughout the Raleigh and Wilmington markets.
“This is an opportunistic purchase for LGI Homes, comprised of homes in various states of construction, finished lots, and land under development covering a large portion of these markets,” said Eric Lipar, the company’s CEO and and board chair. “The acquisition of Wynn Homes provides us with a valuable asset position allowing us to accelerate our growth in one of the nation’s fastest growing markets.”
“In addition to adding new and future communities, we are pleased to welcome our new colleagues who will enable us to become one of the largest homebuilders in the Raleigh market,” Lipar said.