Drees Homes Acquires Monticello Homes in San Antonio

A Kentucky-based home builder has expanded operations to Texas’ four largest cities.

Drees Homes staked its claim on the San Antonio market last month after acquiring the assets of Monticello Homes, a local builder with a three-decade history in high-end home construction, the San Antonio Express News reported. The purchase gives the company a presence in 11 metro areas nationwide.

Drees Homes has been active in Texas since 1984. The company, led by CEO David Drees, the grandson of founder Theodore Drees, first gained traction in the Dallas-Fort Worth area before expanding to Austin in 1998 and Houston in 2014.

Monticello Homes, founded in 1994 by president Wayne Moravits, has constructed over 2,000 luxury homes in the San Antonio area and developed a reputation for high-end residential communities. The company’s 44 employees will remain with Drees, and its division president, Mark Elphick, will continue to oversee local operations.

The acquisition aligns with Drees’ strategy to strengthen its presence in Texas’s growing housing market.

San Antonio’s residential construction boom has been drawing interest from out-of-state builders as demand surges across Texas.

Miami-based Lennar, for example, is the top home builder in the region, accounting for 61 percent of the 875 permits filed across the city in the third quarter. Texas led the nation in home construction permits last year, according to Realtor.com.

McKinley Homes has also expanded its presence in Texas. In December, the Atlanta-based builder acquired Liberty Home Builders Houston in a deal that added six residential subdivisions to the company’s growing presence in Texas.

— Andrew Terrell