Coming on the heels of their recent IPO, Dream Finders Homes just announced it’s absorbing part of a local giant in the homebuilding industry.
The Jacksonville-based homebuilder, founded by CEO Patrick Zalupski in 2008, acquired Orlando-based Century Homes from Tavistock Development Company on Jan. 31 for an undisclosed price. The deal includes entire Century Homes Florida portfolio, including active Craft and Century Homes projects in Lake Nona’s Laureate Park, Oakley Place, Reserve at Pine Tree, Stonewood Estates Townhomes, and Wiregrass, along with their teams as part of the acquisition.
Dream Finders Homes’ CFO Rick Moyer said the acquisition brings the total number of employees to more than 300. Craft and Century Homes had about 20 to 30 employees, he said.
Dream Finders Homes operates in multiple states, and currently has 21 active communities throughout the Orlando region. “We have a pretty large Orlando division It was a natural fit,” Moyer said. “We love Orlando it’s a great market for us. It gives us a long road way of land to build on, especially in Lake Nona. We like that market.”
Included in the acquisition, Dream Finders Homes receives 134 homes under construction and 229 finished lots on which the Company expects to begin construction of homes during 2021 and 2022. Dream Finders Homes also gains an additional 490 lots in future inventory. Additionally, Dream Finders Homes and Tavistock have agreed to future lot supply within Tavistock’s vast portfolio of communities for homes and purpose built, single family rental properties.
The agreement assures Dream Finders a footprint in communities like Sunbridge, which will develop over several decades and the next phases of Lake Nona, which could host the nation’s first electric air taxi hub. Moyer said Dream Finders was drawn to work with Tavistock because of its innovative community design.
“It’s still far off from flying taxis, but it’s safe to say it’s a pretty forward community,” he said.
Tavistock had acquired the majority stake in Century in 2018. Moyer told GrowthSpotter the former owner of Century Homes was instrumental in the deal. “The former owner of Century and Craft Tavistock that we purchase land from reached out to us, gauged our interest,” he said. “The deal came together through mutual conversations.”
This was the first major transaction for Dream Finders Homes since the IPO on Jan. 20. Tavistock Development Company Chief Operating Officer Craig Collin said the boutique homebuilding company was primed to take the next step.
“With Dream Finders, the company will have greater scale as part of a high growth platform in nearly one hundred communities in numerous markets throughout Florida and beyond,” he stated in the release. “We want to extend a sincere thanks and appreciation to all of the employees who have worked tirelessly to build their customers a special new place to call home. We’ll continue to cheer on the entire Craft and Century Homes team as they begin this exciting new chapter. We also look forward to continuing to collaborate with Dream Finders to meet the needs of Central Florida’s growing population.”