Tag Archives: Meritage Homes Corporation

Meritage Homes

Meritage Homes to Acquire Legendary Communities

Meritage Homes Corporation, a leading U.S. homebuilder, announced its definitive agreement to acquire the homebuilding assets and operations of Atlanta-based Legendary Communities for a purchase price of approximately $130 million.

Legendary is one of the largest privately-held homebuilders operating along the I-85 corridor of the Southeastern U.S. with a significant presence in the Atlanta and Greenville-Spartanburg markets, and a position in Charlotte that is expected to bolster Meritage’s current operations there. Atlanta is the second largest and fastest growing housing market in the U.S. based on single-family permits activity in 2013, and the Greenville-Spartanburg market is expected to experience growth in single-family permits of approximately 20% from 2013 to 2015. Both Atlanta and Greenville-Spartanburg will be new markets for Meritage, while Legendary’s Charlotte operations will be combined into Meritage’s existing division there.

Legendary was founded in 2009 and builds homes primarily for first and second move-up buyers with base home prices ranging from approximately $120,000 to $550,000. The company closed approximately 500 homes and generated approximately $156 million of revenue in 2013. As of June 30, 2014, Legendary owned or controlled approximately 4,000 home sites.

“This is a strategic acquisition for Meritage, expanding our southeastern operations in a meaningful way by entering into two more growing housing markets in Atlanta and Greenville-Spartanburg, while also solidifying our position in the Charlotte market,” said Steven J. Hilton, chairman and CEO of Meritage Homes. “Legendary is a good fit for Meritage due to its customer base, land acquisition strategy, and positive culture based on trust, honesty and quality construction. They have a great team of people who can help us grow our business in the Southeast, and we are pleased to have them join the Meritage team.”

“We are excited about the opportunities this represents for both Meritage and Legendary through the combination of our community locations, beautiful homes and dedicated employees,” said Bo Means, chief executive officer of Legendary Communities.

Zelman Partners LLC served as exclusive financial advisor for Legendary Communities.

Victory Rendering

Seven homebuilders to construct at Verrado

The newest phase of residential development in the Heritage District at Verrado includes seven of Arizona’s most respected homebuilders, adding more than 630 homes to DMB Associates’ Buckeye community, now celebrating its 10th anniversary.

These seven builders, selected for their commitment to quality and design, will offer a mix of residential options. This group of builders includes national, publicly traded, international and local homebuilders. The builder roster includes: AV Homes (NASDAQ: AVHI), Lennar Homes (NYSE: LEN), Maracay Homes (NYSE: WY), Mattamy Homes, Meritage Homes Corporation (NYSE: MTH), Pinnacle West, and William Ryan Homes. These are the first neighborhoods in Verrado to feature models by Lennar, Mattamy, Pinnacle West, William Ryan Homes and AV Homes.

The combined purchase by the homebuilders encompasses approximately 150 acres, totaling sales of just over $45 million. Pinnacle West’s unique green court homes are an exciting addition to the housing options in Verrado.

“Our builders construct homes that offer flexibility, exceed expectations for today’s modern living needs and create a sense of place,” said Dan Kelly, general manager for Verrado. “In addition, the builders are keeping with Verrado’s hometown spirit by creating front porches and diverse, authentic architecture, ideal for Arizona living.”

Home prices start in the mid-200,000s for the new collection of Heritage District homes:

  • AV Homes – 170 lots, 10 home plans ranging from 1,959 to 4,072 square feet
  • Lennar Homes – 22 lots, 5 home plans, ranging from 1,875-2,515 square feet
  • Maracay Homes – 92 lots, 13 new home plans, ranging from 2,063-4,152 square feet
  • Mattamy Homes – 144 lots, 6 home plans, ranging from 1,627–2,947 square feet
  • Meritage Homes – 123 lots, 11 home plans, ranging from 2,200-4,700 square feet
  • Pinnacle West – 82 green court lots, with 4 plans ranging from 1,875-2,515 square feet
  • William Ryan Homes – 82 lots, 4 home plans, ranging from 1,933-2,806 square feet

In total, the Heritage District now includes 2,175 home sites. The District currently offers residents 16 neighborhood parks, and a fire station.

Verrado is launching new amenities concurrent with the construction of this final phase of the Heritage District, which include the opening of 16 additional new parks (total of 32 parks), the resort-styled Heritage Swim Park, a temporary dog park and the Verrado Coffee Company. Verrado also is partnering with the Litchfield Elementary School District to open a new K-8 elementary school that will accommodate up to 950 students.

The deals were brokered by Nate Nathan, Dave Mullard and Casey Christensen of Nathan & Associates Inc. in Scottsdale.

homebuyers - Arizona Business Magazine May/June 2012

Veteran receives brand-new, mortgage-free home

In partnership with Operation Homefront, Meritage Homes Corporation (NYSE: MTH) is handing over keys to three new homes to deserving military heroes and their families in time for Veterans Day. Located in the Phoenix, San Antonio and Raleigh metropolitan areas, the mortgage-free, energy-efficient homes are part of Meritage’s core purpose of enriching lives by satisfying the American Dream of home ownership for thousands of families across the nation.

“Every day, the brave men and women of our Armed Forces put their lives on hold and themselves into harm’s way to protect freedom and our way of life,” said Steven J. Hilton, chairman and CEO of Meritage Homes. “We are honored to express our appreciation to these exceptional families with a token of gratitude given the enormous sacrifices they have made for our country.”

In Goodyear, Army Sergeant Richard Neider II, his wife Kerry, and their two children will be moving into the first home that they have owned as a family. The 2,278-square-foot one-story home will provide the family of four a place to grow. The home includes some ADA-friendly features such as wider doors, roll in showers, roll under sinks and lower light switches that will allow Sgt. Neider to use his wheelchair inside the house. The Neider family will receive their key at Meritage’s Del Mar at Sedella community on Nov. 4.

Army Sergeant Aaron Kumamoto was selected to receive a new 1,508-square-foot home in Converse, Texas. The new home will keep Sgt. Kumamoto, his wife Erica and son Logan close to San Antonio Military Medical Center, where Kumamoto receives his medical treatment. The Kumamoto family will receive their key at Meritage’s MacArthur Park community on Nov. 6.

Born and raised in North Carolina, Army Sergeant Jeffrey Lynch was selected to receive a 2,066-square-foot home in Cary, N.C. The home is just half an hour away from Duke University, where Sgt. Lynch receives specialized medical treatment. Lynch and his wife Christy are parents of a four-year-old daughter. The Lynch family will receive their key at Meritage’s Park at Langston community on Nov. 8.

The key ceremonies will be held at 10:30 a.m. on each of their designated days, immediately followed by a Welcome Home barbecue hosted by each community to give local residents the opportunity to honor sacrifices made by men and women of the Armed Forces.

The three homes are being awarded through Operation Homefront’s Homes on the Homefront program which selects veterans based on a number of qualifications, including need and existing ties to the community. Since its inception, the program anticipates awarding 100 homes to deserving military families around the country this year. However, this is the first time the organization has provided newly built homes where recipients will be the first owners.

“These homes will provide three of our nation’s military families with an amazing opportunity,” said Tim Farrell, chief operating officer of Operation Homefront. “Every military family has sacrificed so much through their careers, and our Homes on the Homefront program is just one of the many ways that our organization shows its support to them. These three homes are the first newly built homes that we have been able to provide to veterans, and we are thankful to change the lives of the Neider, Kumamoto, and Lynch families.”

87702112

Eastmark Grand Opening on June 1

The first new large-scale integrated community to launch in the Phoenix area in 10 years will hold a grand opening event from 10 a.m. to 5 p.m. on Saturday, June 1 to showcase its first phase of residential homes and the first phase of the Eastmark Great Park. Eastmark, located in the heart of the East Valley, is a vibrant new community focused on creating a connected life for its residents, employers and visitors.

To debut Eastmark to the public, DMB is planning a day of festivities that will include music throughout the parks system, family games and entertainment and activities for all ages to encourage the community to discover the lifestyle at Eastmark.

Tours of 20 new home models from seven homebuilders will be available to guests. Every home design in Eastmark features a new floorplan.

Eastmark’s phase one builders are:
Maracay Homes
Mattamy Homes
Taylor Morrison
Woodside Homes
Ryland Homes
Standard Pacific Homes
Meritage Homes Corporation

At the grand opening, visitors will be able to explore The ‘Mark, Eastmark’s Visitors and Community Center, enjoy the first 10 acres of the Eastmark Great Park, 11 neighborhood parks, piazzas and plazas and landscaped, tree-lined streets and parkways. Trollies and pedicabs will take guests around the community to enjoy outdoor concerts, kite flying and other demonstrations, food trucks and refreshments throughout the day.

“Eastmark is one of the most thoughtfully designed communities in the country. In our planning, we’ve artfully blended residential areas, employment cores, recreation and commerce to complement each other,” said Dea McDonald, DMB’s Senior Vice President and Eastmark’s General Manager. “Eastmark’s grand opening will give guests an opportunity to engage in ‘Life in Motion’ and enjoy fun, family-friendly activities and exciting looks at this community which is unlike anything else in Arizona.”

WHAT: Eastmark’s Grand Opening – Life in Motion
WHEN: 10 a.m. to 5 p.m. on Saturday, June 1, 2013
WHERE: Ray and Ellsworth Roads in Mesa
COST: Admission is Free

DETAILED SCHEDULE

Ongoing Fun
Star in the Eastmark Ad Campaign – 10:00 a.m. – 3:00 p.m. – Eastmark Great Park
DJ – 10:00 a.m. – 5:00 p.m. – Eastmark Great Park
Tillerman at Leisure World Yacht Club Demonstrations – 10:00 a.m. – 2:00 p.m. – Eastmark Great Park Lake
DMB Community Life Block Party – 10:00 a.m. – 5:00 p.m. – Kinetic Park
Summer Snowplay– 10:00 a.m. – 5:00 p.m. – Cambium Court
Face Painting – 10:00 a.m. – 5:00 p.m. – Cambium Court
Food Trucks Open – 10:00 a.m. – 5:00 p.m.

Eastmark Great Park
SuperTruck
Udder Delights
Aji Mobile Food
Sandra Dee’s Kitchen
Kinetic Point
Gourmet Command Center
Liberty Biscuit
Figueroa Green
Goodness Gracious Great Balls and Sliders
JG Superweenie

10:00 a.m.
Yoga in the Park – 10:00 a.m. – 10:40 a.m. – Selenium Park
Jodi Light and The Shining Star Band – 10:00 a.m. – 11:00 a.m. – Cambium Court
Arizona Sport Coalition Soccer Demonstrations – 10:00 a.m. – 10:40 a.m. – Lincoln Square

10:30 a.m.
Change on Three Jazz Group – 10:30 a.m. – 11:30 a.m. – Lumiere Garden
White Crane Tai Chi Instruction – 10:30 a.m. – 11:10 a.m. – Radiant Grove

11:00 a.m.
Yoga in the Park – 11:00 a.m. – 11:40 a.m. – Selenium Park
Rock Lobster Band – 11:00 a.m. – 12:00 p.m. – Kinetic Point
Brad Zinn Magic Show – 11:00 a.m. – 11:30 a.m. – Cambium Court
Arizona Sports Coalition Soccer Demonstrations – 11:00 a.m. – 11:40 a.m. – Lincoln Square

11:30 a.m.
Jodi Light and The Shining Star Band – 11:30 a.m. – 12:30 p.m. – Cambium Court
Center for True Harmony Wellness – Stress Management – 11:30 a.m. – 12:00 p.m. –  Lumiere Garden
White Crane Tai Chi Instruction – 11:30 a.m. – 12:10 p.m. – Radiant Grove

12:00 p.m.
Yoga in the Park – 12:00 p.m. – 12:40 p.m. – Selenium Park
Arizona Sport Coalition Soccer Demonstrations – 12:00 p.m. – 12:40 p.m. – Lincoln Square
Change on Three Jazz Group – 12:00 p.m. – 1:00 p.m. – Lumiere Garden

12:30 p.m.
Rock Lobster Band- 12:30 p.m. – 1:30 p.m. – Kinetic Point
Brad Zinn Magic Show – 12:30 p.m. – 1:00 p.m. – Cambium Court
White Crane Tai Chi Instruction – 12:30 p.m. – 1:10 p.m. – Radiant Grove

1:00 p.m.
Yoga in the Park – 1:00 p.m. – 1:40 p.m. – Selenium Park
Jodi Light and The Shining Star Band– 1:00 p.m. – 2:00 p.m. – Cambium Court
Arizona Sport Coalition Soccer Demonstrations – 1:00 p.m. – 1:40 p.m. – Lincoln Square

1:30 p.m.
Sirocco Jazz Group – 1:30 p.m. – 2:30 p.m. – Lumiere Garden
White Crane Tai Chi Instruction- 1:30 p.m. – 2:00 p.m. – Radiant Grove

2:00 p.m.
Rock Lobster Band– 2:00 p.m. – 3:00 p.m. – Kinetic Point

2:30 p.m.
Night Groove Band – 2:30 p.m. – 3:30 p.m. – Cambium Court
Center for True Harmony Wellness Relaxation Techniques – 2:30 p.m. – 3:00 p.m. – Lumiere Garden

3:00 p.m.
Sirocco Jazz Group – 3:00 p.m. – 4:00 p.m. – Lumiere Garden

3:30 p.m.
Rock Lobster Band – 3:30 p.m. – 4:30 p.m. – Kinetic Point

4:00 p.m.
Night Groove Band — 4:00 p.m. – 5 :00 p.m. – Cambium Court

Meritage Homes

Meritage Homes Announces Pricing Of Its Common Stock Offering

Meritage Homes Corporation, a leading U.S. homebuilder, announced that it has priced a registered public offering of 2,300,000 shares of its common stock at $34.75 per share, for net proceeds of approximately $75.7 million after underwriting discounts and estimated offering expenses. The offering was upsized from the original 2,000,000 shares.

As part of the offering, the company granted the underwriters a 30-day option to purchase up to 345,000 additional shares, which, if exercised in full, would result in combined net proceeds of approximately $87.1 million. The offering is expected to close on July 13, 2012, subject to customary closing conditions. The company plans to use the proceeds received from the offering for working capital and other general corporate purposes.

Citigroup, JP Morgan and Deutsche Bank Securities acted as joint book-running managers for the offering. BofA Merrill Lynch acted as co-manager for the offering.

For more information on Meritage Homes, visit their website www.meritagehomes.com.

The Arizona Chapter of FEI held its fourth annual CFO of the Year Awards

The Arizona Chapter Of FEI Held Its 4th Annual CFO Of the Year Awards

The Arizona Chapter of Financial Executives International (FEI) held its fourth annual CFO of the Year Awards on Nov. 4. FEI Arizona presents the CFO of the Year Awards to financial professionals for outstanding performance in their roles as corporate financial stewards. The nominations and awards recognize exemplary financial management in all types of businesses: public, private and nonprofit. An impressive set of independent judges from local business and academia selected the winners based on their contributions to their respective organizations and their involvement in the community. The following CFOs were honored at the event:

Nonprofit CFO of the Year

Mary Jane Rynd Executive Vice President and Chief Financial Officer Virginia G. Piper Charitable TrustMary Jane Rynd
Executive Vice President and Chief Financial Officer
Virginia G. Piper Charitable Trust

 

The talent and drive that Mary Jane Rynd put into becoming the first female partner of a national accounting firm in Arizona is now benefiting one of the state’s largest nonprofits.

As executive vice president and chief financial officer, Rynd she oversees the investment management of the approximately $500 million endowment of the Virginia G. Piper Charitable Trust. She also supervises the trust’s investment consultants and staff in the investment committee of the board of trustees.

For more than a decade before Virginia Piper’s death, Rynd served as the philanthropist’s tax adviser. As a result, Rynd has a full understanding of Piper’s approach to her philanthropy — and translates that every day into the work and spirit of the trust.

“I think I’m really lucky, because the people that I work with are highly motivated, extremely good professionals,” Rynd said.

Among her achievements at the trust is the identification, purchase and complete renovation of the nonprofit’s current offices. Over the past four years, she also has managed the diversification of the trust’s investment portfolio.


Private Company CFO of the Year

Tim Einwechter Chief Financial Officer Ascent Healthcare SolutionsTim Einwechter
Chief Financial Officer
Ascent Healthcare Solutions

 

In his 13 years as chief financial officer, Tim Einwechter has guided his company from a small startup to the $160 million corporation it is today.

When Einwechter began his tenure at the company that was then known as Alliance, he had to deal with cash shortages and other various financial struggles. He aggressively pursued investment capital that allowed the medical device company to take advantage of opportunities in its market. He also initiated a merger in 2005 that allowed the organization to continue growing, and played a key role when Stryker Inc. acquired the company, now known as Ascent Healthcare Solutions, in 2009.

“Life as CFO is not one of simply saying no,” he said. “Rather, it is one of bringing sense of reason to the discussions, understanding the business drivers and supporting what is important to drive the success of the business.”

Beyond the financials, Einwechter is committed to maintaining the ethics that make Ascent a success. In fact, the company’s mission statement of “Results, Integrity, and Quality” was coined by him. Einwechter’s understanding of what makes a business successful, along with a strong focus on ethical behavior, has created a shared ownership of the company’s commitment to integrity.