Ponderosa Purchase by Richmond Completed : New Owners Will Complete Four Residential Projects Started Under Former Management
Richmond American Homes of California has completed its previously announced purchase of James S. Dailey Co.'s Ponderosa Homes of Southern California subsidiary, one of the Southland’s 20 largest home builders. Terms were not disclosed.
Richmond American is a subsidiary of Denver-based MDC Holdings Inc., a home building and mortgage-banking concern.
Under terms of the acquisition, Richmond American will take over the development of four residential projects started by Ponderosa Homes. These are the 98-unit Ponderosa Collection at Via Verde in San Dimas; the 87-unit Ponderosa Collection in the Hills, also in San Dimas; a planned 165-unit development in Chino Hills, and a proposed 71-home tract in Buena Park.
Richmond also will complete sales and construction at five other Ponderosa tracts in Glendale, Hacienda Heights, Ontario and San Clemente. The five projects had been started by Aetna Life & Casualty Co., the insurance company that owned Ponderosa before it was sold to James S. Dailey last year.
Ponderosa Homes has built more than 12,000 houses in California since the company was formed in 1968. It logged $123 million in sales last year.
Richmond American said the acquisition will push its nationwide sales volume to about $600 million this year.