Established in Spanish Fort in 2011, Truland Homes has become the largest private homebuilder in the Gulf Coast region.
On Wednesday, D.R. Horton, Inc., the largest by volume homebuilder in the United States, announced it had acquired Truland's homebuilding operations to combine it with its platforms in Baldwin County and northwest Florida.
"Going forward, our number one priority will be to scale single-family development operations from Baton Rouge to Tallahassee and all the way north to Huntsville in support of D.R. Horton," founder of Truland and its parent company 68 Ventures Nathan Cox told 1819 News. "We are already their biggest lot supplier along the Gulf Coast, but we want to do even more for them. If we aren't doing over 5,000 lots a year within three years for [D.R. Horton] then I've failed them."
In a press release, D.R. Horton said it expected to pay $100 million to purchase Truland and its assets, which include approximately 263 lots, 155 homes in inventory and 55 homes in sales order backlog. D.R. Horton also acquired 156 lots and control of approximately 400 lots through option contracts from Truland affiliates and 201 lots and control of approximately 260 lots through option contracts from third parties. In 2022, Truland closed 512 homes ($244 million in revenue) with an average home size of approximately 2,340 square feet and an average sales price of $477,000, the release said.
"We are excited for the Truland team to join the D.R. Horton family," board chairman Donald R. Horton said in the release. "Their quality building operations and strong presence across the Gulf Coast make Truland a great addition to D.R. Horton's already strong local market operations."
As bittersweet as it may be for Cox to "part ways" with Truland after 13 years at the helm, he's looking forward to focusing on growing the other eight businesses owned by 68 Ventures, which is sponsoring Mobile's annual bowl game in December, in addition to helping expand D.R. Horton.
"As hard as it has been to part ways with Truland Homes and change the dynamics of my relationships with so many incredible people that made the magic happen, we knew that 68 Ventures could have more impact by focusing all our efforts and resources on the development and investment fronts," Cox said. "It has been a wonderful ride that got to end on a high note. Very few are blessed to get to be a part of a story like ours. I can't adequately put into words the gift the folks around me provided me with."
"[W]e are looking forward to spending more time on the masterplan and mixed-use development in Baldwin County, supporting the growth of our eight remaining operating businesses within the 68 Ventures portfolio, and seeking out investment opportunities across multiple asset classes in the real estate space, as well as finding driven, capable, and like-minded leaders to partner with to help scale their businesses," he continued. "I promise my team they will never reach a ceiling while in our organization, so growth is always non-negotiable. There is a ton to be fired up about, and we are already running fast on writing the next chapter."
To connect with the author of this story or to comment, email daniel.taylor@1819news.com.
Don't miss out! Subscribe to our newsletter and get our top stories every weekday morning.
