The Toronto-based development company Mattamy Homes is selling its assets in Minnesota to CalAtlantic Homes and M/I Homes Inc. The company does work in nearby Carver, Chaska, Minnetrista, Shorewood, Victoria and Waconia. The deal is expected to close in April.
“Minnesota was Mattamy’s first expansion outside the Greater Toronto Area and over time has produced solid results for the company,” Mattamy Homes Founder and CEO Peter Gilgan said in a press release. “However, Minnesota is not a long-term strategic fit for Mattamy’s business in the U.S., as it doesn’t align well in terms of our geographic focus. CalAtlantic Homes and M/I Homes both have a much larger presence in the Midwest, and should benefit from the economies of scale afforded by this concentration.”
Mattamy Homes said they will continue to develop unfinished lots and will continue to build and provide service to current customers.
Mattamy Homes began development of Woodland Cove in Minnetrista in 2013. According to Minnetrista Community Development Director David Abel, Mattamy has between 300 and 350 homes in development in Minnetrista. He expects that development to continue as planned.
Finish reading: Mattamy Homes sells Minnesota properties