Ryland Group Inc. on Monday said it has acquired the operations and assets of Trend Homes, a Phoenix residential developer.
The Westlake Village homebuilder, which is buying controlling interest in Trend from Phoenix private investment firm Najafi Investments, did not disclose financial terms of the deal.
Trend has seven development communities. The acquisition provides Ryland with 106 homes currently sold and under construction, as well as about 910 lots and homes for future sale. All of Trend's employees are expected to join Ryland, with Reed Porter, Trend’s current president, becoming president of Ryland's Phoenix division.
Ryland shares closed up 6 cents, or less than 1 percent, to $32.64 on the New York Stock Exchange.