Melanie LeCroy / Gulf Coast Media

Truland Homes, one of Baldwin County's largest private home building companies, has been acquired by Texas-based D.R. Horton.

Nathan Cox founded Truland Homes in 2011 and is currently housed under the Daphne-based 68 Ventures umbrella. Cox founded 68 Ventures in 2018.

According to 68 Ventures' website, the company holds 14 different companies, including Truland Homes, and has raised over $250 million in capital. They have developed 7,000 lots, built 3,000 homes and completed over 100 developments.

"Leading Truland Homes over the last 13 years has been the most rewarding experience of my professional career. The amazing team members that took us from our first home to over $1 billion in total sales are the ones that deserve all the credit," Cox said in a news release. "No matter what, they always came through. In conjunction with growing Truland Homes over the last decade plus, D.R. Horton has afforded us the honor and privilege of becoming the largest lot supplier within their Gulf Coast region. We look forward to continuing as a key lot development partner for D.R. Horton."

The acquisition includes 263 lots, 155 homes in inventory and 55 homes in sales order backlog from Truland, according to a a July 5 news release from D.R. Horton. The deal also includes 156 lots and control of approximately 400 lots through option contracts from Truland affiliates, as well as 201 lots and control of approximately 260 lots through option contracts from third parties.

In 2022, Truland closed 512 homes, generating $244 million in revenue. The average home size was approximately 2,340 square feet with an average sales price of $477,000.

D. R. Horton expects to pay approximately $100 million in cash for the purchase and intends to merge Truland's operations with its existing D.R. Horton platforms in Baldwin County and northwest Florida.

D.R. Horton, founded in 1978 in Fort Worth, Texas, operates in 110 markets across 33 states in the U.S. In the 12-month period ending March 31, the company closed 83,119 homes in its homebuilding and single-family rental operations with a portfolio with sales prices ranging from $200,000 to over $1 million.

"We are excited for the Truland team to join the D.R. Horton family," said Donald R. Horton, chairman of the board, in the release. "Their quality building operations and strong presence across the Gulf Coast make Truland a great addition to D.R. Horton's already strong local market operations."

Gulf Coast Media contacted 68 Ventures, Truland Homes and D.R. Horton for comment but did not get a response before press time.