Residential developer Landsea Homes Corp. (Nasdaq: LSEA), based in Dallas, entered the Colorado market with the acquisition of Longmonts Richfield Homes and expects to soon become one of the top 10 Centennial States developers.
Richfield, founded about 11 years ago in Berthoud by William Edgington and Serge Goldberg, has traditionally been a small, privately owned construction company focused on northern Colorado, with most of its construction activity along the Interstate 25 corridor north of Denver, Lisa Wiebelhaus said. who joined Richfield in 2016 to lead sales activities and soon became part owner of the businesses. He will serve as president of Landseas’ new Colorado division.
Over the past decade, the company has built approximately 200 homes a year, almost all of which are single-family or semi-detached homes.
In the Landsea era, the plan is to increase production and expand the scope of construction. Wiebelhaus told BizWest there are still plenty of opportunities in northern Colorado, but also along the E-470 corridor, Commerce City, Aurora, Parker, down to Douglas County and Castle Rock.
In addition to the new Colorado location, Landsea operates in New York, Arizona, Florida, Texas and California.
“We are very excited about this transaction as it provides Landsea with a unique opportunity to establish itself in one of the best housing markets in the country,” Landsea CEO John Ho said in a prepared statement.
About 30 employees, almost all of Richfield’s staff, will move with the company to Landsea. However, Edgington and Goldberg will not join the new company.
Our goal is to be among the top 10 home builders in the state, Wiebelhaus said. And with that will come growth, which means we will be adding staff.
He predicts that in the next few years, Landseas Colorado could employ twice as many workers as it currently does.
This increase could put some strain on the company’s office space on Kimbark Street. They’re bursting at the seams, so a new location needs to be found, Wiebelhaus said.
It is not known exactly where the Landseas Colorado branch will end its operations, but it is important to remember that geographic locations are convenient not only for our employees, but also for our customers.
The acquisition by Landsea came as Richfields leaders began discussions about bringing in an equity partner to continue growing the company, Wiebelhaus said. As part of that process, the company hired a financial advisor who ultimately merged Richmark with Landsea.
She said they were a great fit for Richfield. We have the same values, the same views about employees and culture. This was a really great opportunity for us to sell our assets to Landsea.
This article was first published by BizWest, an independent news organization, and is published under license.
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