Reston-based construction company Stanley-Martin Communities LLC will acquire the home-building assets of Lexington, South Carolina-based home-building company Essex Homes in North Carolina and South Carolina in a deal expected to close by the end of the month.
Financial terms of the transaction were not disclosed.
Stanley-Martin — a subsidiary of a Japanese firm, Daiwa House Industry Co. Ltd. — was founded in 1966 and builds condos, town homes and single-family homes in Washington, D.C.; Richmond; Charlottesville; Raleigh, North Carolina; Charleston, South Carolina and Atlanta. In the 12 months that ended Dec. 31, 2019, the company closed 1,774 homes and controlled 14,917 lots.
