ARLINGTON, Texas, May 10 /PRNewswire/ -- Steve Wall, founder and CEO of Wall Homes, a homebuilding company based in Arlington, Texas, and Newmark Homes, a subsidiary of TOUSA have announced that Wall Homes has entered into an agreement to acquire a substantial amount of the assets of the Dallas/Fort Worth division of Newmark Homes, including raw land, site developments, finished lots, and construction in process.
With the acquisition, Wall Homes will increase its active neighborhoods in Texas to nearly 50 from 28.
"This is an amazing opportunity for Wall Homes," said Steve Wall. "Newmark parallels Wall's market focus and dedication to customer service and satisfaction. With the acquisition, we begin our third year in business at twice the size we were at the end of our second year. It's a great fit."
Newmark has built and sold homes throughout Texas and Tennessee for more than 20 years. In the DFW area, Newmark's 20+ active communities, with prices ranging from $126,000's-$400,000's, will become Wall Homes neighborhoods effective early June.
The sale does not affect other Newmark divisions.
Until closing, which is anticipated for May 31, 2007, Wall Homes will conduct employee evaluations and consideration of reassignments within the expanded Wall organization.
The purchase follows a pattern of steady growth established by Wall since its founding.
Wall Homes was established in 2005 to offer homes with a focus on architectural style to discerning buyers. Neighborhoods throughout Dallas, Fort Worth, Houston, Austin, and San Antonio offer a variety of single-family detached and attached homes priced from the $120s to the $500s. Based in Arlington, Wall Homes is on the web at http://www.wall.com/.
TOUSA is a leading homebuilder in the United States, operating in 16 metropolitan markets located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and markets high- quality detached single-family residences, town homes, and condominiums to a diverse group of homebuyers, such as "first-time" homebuyers, "move-up" homebuyers, homebuyers who are relocating to a new city or state, buyers of second or vacation homes, active-adult homebuyers, and homebuyers with grown children who want a smaller home ("empty-nesters"). It also provides financial services to its homebuyers and to others through its subsidiaries, Preferred Home Mortgage Company and Universal Land Title, Inc. For more information on TOUSA, is on the web at http://www.tousa.com/.
This news release may contain forward-looking statements. TOUSA wishes to caution readers that certain important factors may have affected and could in the future affect TOUSA's actual results and could cause the actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of TOUSA. This press release is qualified in its entirety by cautionary statements and risk factor disclosure contained in TOUSA's Securities and Exchange Commission filings.
