A Texas homebuilder has bought the land and operations of Oakmont Home Builders of Charlotte in a deal valued at $15 million. LGI Homes Inc. acquired 150 homes under construction and 1,000 owned and controlled lots. The transaction included $1 million in assumed liabilities.
Oakmont will receive an earn-out to be paid based on home closings through Dec. 31, 2017.
Oakmont owner Judson Stringfellow said LGI Homes has hired the 18 employees that were working at Oakmont.
“LGI is a large national company with better access to funding for land deals,” Stringfellow said when asked why he sold the business. “I felt they could offer my employees a better future and they were in a better position to grow the business.”
Stringfellow said he would spend the next three to six months working at LGI to help with the transition.
Oakmont was the builder of the Autumn Woods development in Mount Holly, the Village at Brierfield in the University area, Lakewood Ridge in west Charlotte and Mallard Lake in northeast Charlotte, among others.