Berkshire Hathaway’s Clayton Homes will build 300 to 350 site-built homes on a former estate in Pfafftown, North Carolina.
The 184-acre former estate of Eldridge “Redge” and Jane Hanes was sold to Clayton Homes for $4.5 million and will be developed by Clayton’s Mungo Homes division, and marketed under the Shugart Homes brand.
Mungo Homes was acquired by Clayton Homes in 2018, and Shugart Homes was acquired by Clayton in 2019.
The manor house will be demolished, however, a guest/boat house that sits at the 22-acre lake on the property will be refurbished.
Berkshire’s Clayton Homes, which is the largest producer of manufactured homes, has been moving aggressively into the site-built market, and is already among the top-ten site-builders in the U.S.
Clayton Homes has acquired ten site-built companies since it first started adding site-builders in 2016.
Acquired by Berkshire Hathaway in 2003 for $1.7 billion, Clayton Homes has grown into a diverse builder offering traditional site-built homes, modular homes, manufactured homes, tiny homes, college dormitories, military barracks and apartments.
Read a Special Report on how Kevin Clayton has transformed Clayton Homes.
© 2021 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.