A California-based homebuilder has purchased Citizens Homes of Charlotte, N.C., which has four subdivisions in the Myrtle Beach area.
The company, UCP Inc., said in a news release Thursday that Citizens will operate under the name of Benchmark Communities, the San Jose-based company’s wholly-owned home building platform.
Citizens is a privately-held homebuilder with operations in Myrtle Beach, Charlotte, Raleigh and Nashville, Tenn. In Myrtle Beach, the company has developed Palm Lakes Plantation, Brighton Lakes, Park at Forestbrook and Summerlyn.
The purchase price was approximately $15 million, according to the news release, and Citizens could receive earnout payments of up to $6 million based on performance over the next five years.
UCP operates in California and the Puget Sound area of Washington state.
Contact STEVE JONES at 444-1765.