June 23 (Bloomberg) -- William Lyon Homes, a homebuilder focused in the Western U.S., plans to buy a residential building business from Polygon Northwest Company LLC to expand its reach.
The company will pay $520 million in cash for the private builder’s business, which includes more than 4,200 lots in Seattle and Portland, according to a statement today from the Newport Beach, California-based company.
William Lyon has sold more than 76,000 homes in California, Arizona, Nevada and Colorado, the company said. The purchase announced today is expected to increase its supply of owned and controlled lots by about 30 percent and add plots in the land-constrained markets of Washington and Oregon, it said.
“The addition of Polygon’s residential homebuilding business to the William Lyon Homes family enables us to realize our goal of becoming the premier Western U.S. regional homebuilder,” Chief Executive Officer William H. Lyon said in the statement.
Polygon has operated in the Pacific Northwest for more than 20 years and built about 16,000 homes. Once the transaction closes, Polygon will operate two new divisions at William Lyon Homes, according to the statement.
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