Newport Beach-based William Lyon Homes said it will purchase the homebuilding operations of Polygon Northwest Co. for $520 million.
The deal, which gives it a presence in the Pacific Northwest, is expected to close in the third quarter. “It’s a market we’ve looked at for a number of years,” said William Lyon Homes President and Chief Operating Officer Matthew Zaist.
Bellevue, Wash.-based Polygon is said to be the largest privately owned homebuilder in the Pacific Northwest. It had about $292 million in revenue last year and is among the largest builders in Seattle and Portland, Ore.
William Lyon Homes had a recent market value of nearly $850 million. It currently builds homes in California, Arizona, Nevada and Colorado.
The deal “enables us to realize our goal of becoming the premier Western U.S. regional homebuilder,” said William H. Lyon, chief executive of the builder, which went public last year via an initial public offering.
The Polygon acquisition is the second large purchase announced by William Lyon Homes this year.
In March, the builder announced it was paying $174.5 million to buy 540 home lots at eight new-home developments in California, including two in Orange County. That deal, which includes land next to the St. Regis Monarch Beach Resort in Dana Point, was made with Newport Beach-based builder City Ventures Inc.
