Atlanta homebuilder sold for $130 million

Legendary Communities, an Atlanta-based homebuilder, was sold to an Arizona company for $130 million.

The purchase of Legendary allows Meritage Homes Corp. to add a presence in Atlanta and Greenville, S.C. as well as expand its presence in Charlotte, N.C.

Legendary, founded in 2009, closed about 500 homes last year and had 2013 revenue of $156 million. The company primarily builds houses for people moving into their second or third homes. They sell them for between $120,000 and $550,000. At the end of June, Legendary owned or controlled about 4,000 home sites.

“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,” Meritage Homes chairman and CEO Steven J. Hilton said in a statement.

Meritage noted that Atlanta was the “second largest and fastest growing housing market in the U.S.” last year, based on single-family permits.

Meritage, a 28-year-old company, has designed and built more than 80,000 homes.

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