Home builder Ryland buys Cornell Homes

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The Ryland Group, Inc. is returning to Delaware with the acquisition of assets of Cornell Homes, a privately held home builder based in Media Pennsylvania.

 Cornell has eight home communities under development in New Castle County and is one of the largest home builders in northern Delaware. The company also has developments in southeastern Pennsylvania, New Jersey and Montgomery County, Md., in the Washington, D.C. area. Ryland reported that Cornell has 97 homes sold, eight decorated models and 1,716 additional lots for future sales.

 All of Cornell’s employees are expected to join Ryland in conjunction with the acquisition and Greg Lingo, Cornell’s President, will be Ryland’s Philadelphia Division President. Ryland has operated in Delaware in the past.

 We are pleased to announce the acquisition of Cornell Homes which is consistent with our strategy of expanding into new markets that present opportunities for growth. We are excited about the current and future land positions we have acquired as a result of the purchase of Cornell,” said Larry Nicholson, Ryland’s CEO .

 The purchase of Cornell Homes is Ryland’s fourth acquisition in the last 13 months following its purchase of the assets of Timberstone Homes in Charlotte and Raleigh in July of 2012, Trend Homes in Phoenix in December of 2012 and LionsGate Homes in Dallas in June of this year.

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 Headquartered in Southern California, Ryland is one of the nation’s largest homebuilders and a leading mortgage-finance company. The company was founded in this region and built homes in Columbia, Md. It went on to become a large regional and national player and at one point had operations in Delaware.

 Since its founding in 1967, Ryland has built more than 295,000 homes and financed more than 245,000 mortgages. The company currently operates in 13 states and is listed on the New York Stock Exchange.

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