Lennar buys Barker Coleman

Barker Coleman, a long-time Washoe County builder with roots in Reno/Sparks that go back 50 years, has been sold to Lennar Corp., one of the largest publicly held homebuilders in the nation.

The deal was unsolicited, according to Brett Barker and Brett Coleman, principles in the privately held company.And was consummated after months of courting.

Terms weren't disclosed.

Barker Coleman Communities will retain its name and will be managed as a separate homebuilding unit within Lennar Corporation.

Lennar announced that it plans to retain the more than 50 Barker Coleman Communities employees, along with the existing management team of Rob Winkel, division president, John Foley, director of construction, Dave Hasemeyer, director of purchasing,Marie Hoel, sales manager and Rebecca Barker, controller.

Barker Coleman joins a list of well-known homebuilders already working in unconsolidated partnership with Lennar.

The partnerships stretch across 18 states plus the District of Columbia and include U.S.Home, builders in the Las Vegas area, and Lennar Homes in Reno.

Lennar Homes, one of Lennar's unconsolidated partners, is already an active builder in the Reno area,with homes for sale or on the books in Reno's Damonte Ranch area and south of town in Curti Ranch.

Meanwhile, Barker Coleman advertises four residential developments in Spanish Springs and Lemmon Valley, as well as the future site of Pioneer Meadows on Vista Boulevard in Sparks.

But over the years, Barker and Coleman together, as well as separately before they partnered built numerous homes.

One of Barker Coleman's catch-phrases is,"There is a good chance that anyone living in the Reno- Sparks area for more than 10 years can say they, or someone they know, lived in a home built by the Barker family."

Barker Coleman's new national partner reported revenues of $10.5 billion for 2004, an increase of 18 percent over the year before, with a net income of $946.6 million.

So what is it about Barker Coleman that attracted the attention of a huge Miami-based developer? Land-rich in a tightening residential development market that has gobbled up the hillsides, valleys and open spaces around Reno and Sparks, Barker Coleman presented a delicious morsel for the national corporation.

Barker Coleman's big land purchases included Donavan Ranch and Haw family property in Spanish Springs, along with acreage in Fernley - big factors in its own growth and health as a homebuilder.

And why did Barker Coleman decide to sell?

"We decided the culture and philosophy of our two companies was a perfect combination and presented the right opportunity for us and our employees," said Brett Barker and Brett Coleman in a prepared release.