LGI Homes, Inc. is an American construction company that is known for building homes and housing developments in the southwestern and southeastern United States. The company was founded in 2003 and is based in The Woodlands, Texas. It went public on NASDAQ in 2013[3][4]
History
2003-2013
In 2003, LGI Homes was founded in The Woodlands, Texas by Thomas Lipar and his son Eric Lipar.[5][6] LGI Homes primarily focuses on entry-level housing for first-time homebuyers.[7][8] LGI Homes initially built homes in its home state of Texas.[9] Their first project was a residential development in Conroe called Summerset Estates.[10]
In 2009, LGI Homes received recognition for being the only builder in the United States to increase closing and revenue over the prior three years.[11]
In 2009, Eric Lipar was appointed the company’s CEO.[5] By 2009, the company had subdivisions in Houston and San Antonio.[12]
In 2010, LGI Homes announced a joint venture with GoldenTree to expand business in Texas markets.[13] The company also partnered with New York-based equity firm GTIS Partners to acquire nearly 2,200 home sites in Texas and Florida.[14]
In 2012, LGI Homes built its first project outside of Texas in Phoenix, Arizona.[10]
In July 2013, Eric Lipar was appointed chairman of the company, becoming the CEO and Chairman of LGI Homes.[5]
In 2013, the company announced that they would be expanding to the southeast, and that plans to develop new home communities in Florida and Georgia were in place.[15]
2013-2019: Going Public
LGI Homes began publicly trading shares of their company on November 7, 2013. The share price of the initial 9 million shares rose from $11 per share to $12.26 by market closing, an increase of 11%.[16] The company planned to use the $90 million they raised to grow their company particularly in Texas.[17] In the same month, LGI Homes bought 87 lots in Rio Rancho in Albuquerque, marking its expansion to New Mexico.[18]
In 2015, LGI Homes expanded into Jacksonville, Florida, and Seattle, Washington.[20] In 2016, LGI Homes was named ProBuilder’s ‘Builder of the Year;’[20] the company was active in 16 markets and 10 states.[20][21]
In August, the company acquired the assets of Raleigh-based Wynn Homes.[24] This acquisition earned the homebuilder over 200 under-construction homes and approximately 4,000 lots.[25] LGI Homes also expanded into Las Vegas in the same year.[26]Fortune magazine named LGI Homes the tenth-fastest growing company in the country in its 2018 list of 100 Fastest-Growing Companies.[27] LGI Homes also claimed the No. 5 spot in the Chronicle’s Top Workspaces list compiled by Energage.[28]
In 2019, LGI Homes expanded into Southern California and was ranked 35 on Fortune’s Fastest-Growing Companies.[29] The same year, LGI Homes opened the Lake Jackson Ridge Community in Orlando, Florida.[30] In 2019, LGI Homes was named the 10th largest homebuilder in the nation by Builder Magazine; they remained the tenth-largest homebuilder in the nation in Builder Magazine’s 2020, 2021, and 2022 editions.[3]
2020-Present
At the end of 2020, LGI Homes operated in 34 markets in 18 states.[31][32]
On May 7, 2021, LGI Homes acquired the assets of Minneapolis-based home builder KenRoe.[31] In July 2021, LGI Homes acquired the Austin-based home-building company Buffington Homebuilding.[33] In November 2021, LGI Homes formed a joint-venture partnership with retail mortgage lender LoanDepot, which holds “preferred status” as the lender of choice at LGI Homes.[34] The joint venture was named LGI Mortgage Solutions.[34] After a land deal with Drapac Capital Partners in 2021, LGI Homes expanded its development of single-family homes in Birmingham, Alabama, and Nashville, Tennessee.[35]
In 2021, LGI Homes closed over 10,000 home sales.[36]
Philanthropy
LGI Homes holds an annual Service Impact Day in which employees are given the day off to help the local community.[20] During the company’s 2019 Service Impact Day, employees provided volunteer labor for Church Without Walls Ministries and Children’s Hope Alliance House.[37] In 2023, LGI Homes employees volunteered with organizations such as Village of Hope and SIRE.[38]
In February 2023, LGI Homes received the Corporate Volunteering Champion Award from Texas’s First Lady Cecilia Abbott and the OneStar Foundation in recognition of its volunteer efforts with SIRE, a nonprofit organization that provides therapeutic horsemanship for people with special needs.[39]
In the same month, LGI Homes partnered with Habitat for Humanity for the Blitz Build project, which constructed four new homes in one week for Habitat’s Cedar Creek Subdivision in Conroe.[40] LGI Homes has also worked with Habitat for Humanity on other charitable projects such as its Building Hope charity gala.[41]
Subsidiaries and Other Products
Terrata Homes
In addition to entry-level housing, LGI Homes also sells move-up and luxury housing under its Terrata Homes brand.[34] Terrata Homes builds homes in numerous states including California, Florida, Georgia, North Carolina, Oklahoma, Texas, and Washington.[42]
LGI Living
LGI Homes also has an affiliated wholesale business named LGI Living, which sells single-family homes to rental investors.[43] LGI Living provides real estate brokerage and acquisition services, property and real estate portfolio management, and rental property management.[44]
LGI Homes Active Adult
In 2018, LGI Homes announced its first active-adult community in Phoenix, AZ. In 2022, LGI Homes began selling homes in their first active adult community in California, in Rio Vista.[45]
LGI Mortgage Solutions
LGI Mortgage Solutions is a joint venture partnership between LGI and LoanDepot,[46] which allows LGI Homes to offer mortgage loans through LGI Mortgage Solutions.[47]
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