Columbia-based Essex Homes, with operations in South Carolina and North Carolina, is being acquired by southeastern developer Stanley Martin Communities LLC.
Karl Haslinger, Essex Homes founder, president and CEO, will continue to manage operations in the developer’s current markets and will become regional president with Stanley Martin, according to a news release from Stanley Martin Homes.
Founded in 1985 in Aiken, Essex Homes has operations in Columbia, Charlotte, Greenville, North Augusta and Brunswick County. During 2019, the company closed 853 homes and controlled 8,332 lots.
“Essex started as a custom homebuilder and over the last 34 years has grown to become a much larger builder operating in multiple markets,” Haslinger said. “I am proud of what we have done, and our success is the result of the hard work of many on our team.”
Stanley Martin was founded in 1966. Its headquarters are in Reston, Va., and the company has communities in Washington, D.C., Richmond, Charlottesville, Raleigh, Charleston and Atlanta. The company builds condominiums, townhomes and single-family homes.
In 2019, Stanley Martin closed 1,774 homes and controlled 14,917 lots. Stanley Martin is a subsidiary of the Daiwa House Group, with headquarters in Japan.
“Essex Homes is a perfect match for Stanley-Martin,” Steven Alloy, president of Stanley Martin, said. “The markets in which Essex Homes builds are some of the strongest housing markets in the U.S. Karl and his team have done an outstanding job, and their commitment to quality construction and superior home design is impressive. We look forward to their joining our team as we work together to continue expanding our operations and delivering outstanding quality for our customers.”
The transaction is expected to close by the end of the month.