M.D.C. Holdings, Inc. (www.RichmondAmerican.com), whose subsidiaries build homes under the name "Richmond American Homes," today announced the acquisition of the Tucson area homebuilding assets of K E & G HOMES, L.L.C. ("KE&G"). The assets being acquired consist of approximately 425 lots, including 60 homes in various stages of construction. KE&G closed 231 homes in 2000, and has ranked as one of the top ten builders in the Tucson area in five out of the last six years.
David D. Mandarich, MDC's president and chief operating officer, said, "The combined 737 home closings of KE&G and Richmond American in the Tucson area in 2000 would have ranked first among homebuilders in that market. We expect the addition of the KE&G projects to secure our position as a leading builder in Tucson for years to come. These projects are well-positioned in the marketplace, over one-third of the lots are finished and many are in master-planned communities. This acquisition is a continuation of our strategy of expanding our presence in our existing markets."
MDC is one of the largest homebuilders in the United States. MDC was recently named to the "Forbes Platinum List" of the 400 best big companies in America. The Company also provides mortgage financing, primarily for MDC's home buyers, through its wholly owned subsidiary, HomeAmerican Mortgage Corporation. MDC is a major regional homebuilder with a significant presence in some of the country's best housing markets. The Company is the largest homebuilder in metropolitan Denver; among the top five homebuilders in Northern Virginia, Tucson and Colorado Springs; and among the top ten homebuilders in suburban Maryland, Phoenix, Las Vegas, Southern California and Northern California.
SOURCE: M.D.C. Holdings, Inc.
Contact: Paris G. Reece III, Chief Financial Officer of M.D.C. Holdings,
Inc., 303-804-7706, email@example.com; or Rick Matthews of Rubenstein
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The Richmond American Homes companies (RAH), HomeAmerican Mortgage Corporation (HMC), American Home Insurance
Agency (also known as AHI Insurance Agency) (AHI) and American Home Title and Escrow Company (AHT) are
owned, directly or indirectly, by M.D.C. Holdings, Inc. and, therefore, are affiliated companies. Each of
RAH, HMC, AHI and AHT offers services independently of each other, and if you obtain a product or service
from one company, you are not required to utilize the services of, or obtain products from, the other
company. Your decision to use a company that is not affiliated with RAH, HMC, AHI or AHT will not affect
your ability to obtain products and services from these companies. See licensing information.
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