March 13, 1998 |
Los Angeles-based Kaufman & Broad Home Corp. has agreed to buy Estes Homebuilding Co. for $47 million. The acquisition would mark the third time Kaufman has purchased a home builder in recent weeks, as the firm seeks to build up its share of sales in major Western markets. Tucson-based Estes is expected to produce 850 homes in Tucson and Phoenix this year and generate $100 million in revenue, Kaufman said. Family-operated Estes owns and controls 2,600 building lots in the two Arizona cities.