LANDSEA HOMES ENTERS COLORADO HOUSING MARKET
- Strategic Expansion Marks the Seventh Market for Public Homebuilder
- Veteran Colorado Homebuilding Executive Lisa Wiebelhaus Named Division President
- Acquisition Brings High Performance Homes to Denver Metro Area
DALLAS, Oct. 19, 2023 /PRNewswire/ -- Landsea Homes Corporation (Nasdaq: LSEA) ("Landsea Homes" or the "Company"), a publicly traded residential homebuilder, announced today that the Company is expanding into the Colorado housing market through the acquisition of the assets and lot inventory of Richfield Homes.
"We are very excited about this transaction, as it provides Landsea with a unique opportunity to establish a presence in one of the best housing markets in the country," said John Ho, Chief Executive Officer of Landsea Homes. "This is another step forward in our ongoing plans to create communities in desirable locations across the United States and provide high-quality homes where residents can enjoy 'Living in their Element.'"
Veteran Colorado homebuilding executive Lisa Wiebelhaus has been named President of the new Landsea Homes Colorado division. She joins Landsea Homes after working with Richfield Homes for more than seven years, most recently serving as Managing Partner.
Prior to joining Richfield Homes, she worked for twelve years as Vice President of Sales for Colorado-based Richmond American Homes, where she sold and closed upwards of 1100 homes per year. A graduate of Colorado State University, Lisa lives in Denver with her husband and their children.
"We are very pleased to welcome Lisa to the Landsea Homes senior management family," said Ho. "With nearly two decades of homebuilding experience in Colorado, she has a wealth of strategic insight, strong management skills and deep local roots that will help us successfully launch this new division."
"Landsea Homes' exceptional reputation for innovative homebuilding and strong commitment to customer service are well known throughout our industry," said Wiebelhaus. "I'm excited and honored to join Landsea Homes, and look forward to continuing to grow our position in the Colorado market by providing homebuyers with the perfect opportunities to experience the High Performance Home lifestyle."
Landsea Homes' High Performance Home features include smart home automation technology utilized by the Apple HomeKit™ environment and energy saving to make life at home healthier and more comfortable. The smart home automation features include an Apple® HomePod mini™, wireless network Internet throughout the home, entry door locks, thermostat control, garage door opener control, light dimmer switches, doorbell camera pre-wire, and white glove service with an individualized training session through Best Buy's Geek Squad.
Colorado becomes the seventh homebuilding market for Landsea Homes, including Arizona, Florida, New York Metro, Northern California, Southern California and Texas. Continued low inventory and pent-up demand are forecast to continue, extending a housing market with strong fundamentals. Additionally, changing demographics could continue to bolster the market, as millennials are expected to become a strong force, with many reaching their peak homebuying years in the coming years.
For more information about Landsea Homes, visit www.landseahomes.com.
About Landsea Homes
Landsea Homes Corporation (Nasdaq: LSEA) is a publicly traded residential homebuilder based in Dallas, Texas that designs and builds best-in-class homes and sustainable master-planned communities in some of the nation's most desirable markets. The company has developed homes and communities in New York, Boston, New Jersey, Arizona, Colorado, Florida, Texas and throughout California in Silicon Valley, Los Angeles and Orange County. Landsea Homes was named the 2022 winner of the prestigious Builder of the Year award, presented by BUILDER magazine, in recognition of a historical year of transformation.
An award-winning homebuilder that builds suburban, single-family detached and attached homes, mid-and high-rise properties, and master-planned communities, Landsea Homes is known for creating inspired places that reflect modern living and provides homebuyers the opportunity to "Live in Your Element." Our homes allow people to live where they want to live, how they want to live – in a home created especially for them.
Driven by a pioneering commitment to sustainability, Landsea Homes' High Performance Homes are responsibly designed to take advantage of the latest innovations with home automation technology supported by Apple®. Homes include features that make life easier and provide energy savings that allow for more comfortable living at a lower cost through sustainability features that contribute to healthier living for both homeowners and the planet.
Led by a veteran team of industry professionals who boast years of worldwide experience and deep local expertise, Landsea Homes is committed to positively enhancing the lives of our homebuyers, employees and stakeholders by creating an unparalleled lifestyle experience that is unmatched.
For more information on Landsea Homes, visit: www.landseahomes.com.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Landsea Homes cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look," or similar expressions may identify forward-looking statements. Specifically, forward-looking statements may include statements relating to:
*the completion or benefits of the proposed transaction with Vintage Estate Homes (the "Acquisition");
*the future financial performance of Landsea Homes;
*changes in the market for Landsea Homes' products and services; and
*other expansion plans and opportunities.
These forward-looking statements are based on information available as of the date of the press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, the risk factors described by Landsea Homes in its filings with the Securities and Exchange Commission ("SEC"). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:
*the ability to recognize the anticipated benefits of the Acquisition, which may be affected by, among other things, competition, the ability to integrate the acquired business and the ability of the acquired business to grow and manage growth profitably;
*costs related to the Acquisition;
*the ability to maintain the listing of Landsea Homes' securities on Nasdaq;
*the outcome of any legal proceedings that may be instituted against the Company;
*changes in applicable laws or regulations;
*the inability to launch new Landsea Homes products or services or to profitably expand into new markets;
*the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and
*other risks and uncertainties indicated in Landsea Homes' SEC reports or documents filed or to be filed with the SEC by Landsea Homes.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether or not to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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SOURCE Landsea Homes
Released October 19, 2023