M/I Homes Inc., a publicly-traded home building company based in Columbus, Ohio, today announced it has entered into a definitive purchase agreement to acquire the residential homebuilding assets and operations of Pinnacle Homes, a homebuilder in Bloomfield Hills. Terms of the deal were not disclosed.
The transaction is expected to close in March, and is subject to certain closing conditions. Pinnacle currently controls more than 1,000 home sites in metro Detroit and delivered 214 homes in 2017.
M/I Homes, Inc. is one of the nation’s leading builders of single-family homes, having sold more than 105,000 homes. The company’s homes are marketed and sold primarily under the trade names M/I Homes and Showcase Collection (exclusively by M/I Homes). It also currently operates under the name of Hans Hagen Homes in the Minneapolis/St. Paul market.
Robert H. Schottenstein, CEO and president of M/I Homes, says the transaction will expand the company’s operations in metro Detroit. “We believe this acquisition represents an excellent strategic fit for M/I Homes, and further enhances our market position with a well-established operation and land position in a dynamic and growing housing market.”
Pinnacle Homes was founded in 2005 by Howard Fingeroot, a former executive at Pulte Homes Inc. in Bloomfield Hills, and Steve Friedman, who has worked in the residential home building industry since his late teens and has over 35 years of experience. Friedman has built over 6,000 residential homes, developed over 12,000 home sites, and has been involved with more than 1.2 million square feet of commercial property.
“We are also pleased that Howard Fingeroot will be joining the M/I Homes team in connection with the acquisition, and will serve as our area president overseeing the Detroit market,” says Schottenstein. “Howard brings with him nearly 25 years of homebuilding experience, knowledge, and expertise and will capably lead our operations in this exciting market.”
As part of the transaction, Zelman Partners in New York served as exclusive advisor to Pinnacle Homes.
M/I Homes has homebuilding operations in Columbus, Cincinnati, Indianapolis, Chicago, Minneapolis/St. Paul, Tampa, Sarasota, Orlando, Austin, Dallas/Fort Worth, Houston, San Antonio, Charlotte, Raleigh, and the Virginia and Maryland suburbs of Washington, D.C.
Pinnacle Homes has housing developments in Ann Arbor, Commerce Township, Canton Township, Northville Township, Novi, and Superior Township. It also has seven area communities in various stages of construction that comprise its Aspire collection, which are geared to empty nesters and adults aged 50 and older, including:
· Bloomfield Hills – Legacy Hills
· Canton Township – The Corners at Cherry Hill Village
· Clarkston – Northridge
· Lyon Township/Novi – Legacy of Lyon
· Northville Township – Ridge Hill Estates
· Washington Township – Glacier Club
· West Bloomfield Township – Legacy Woods