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Polygon Northwest sold for $520 million

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BELLEVUE, Wash. (AP) — William Lyon Homes has announced it is acquiring Bellevue-based Polygon Northwest for $520 million in cash.

The Seattle Times reports ( http://tinyurl.com/ml7t42t ) that Polygon has built nearly 16,000 homes in the Seattle and Portland, Oregon, areas since 1991. The new owners say they will keep the Polygon brand name and its 130 employees.

The sale was announced Monday. After it goes through sometime in the third quarter, William Lyon will control more than 18,000 lots in the West, 2,169 of them in the Seattle area.

Chief Executive Bill Lyon said William Lyon Homes, based in Newport Beach., Calif., has been looking to get into the Northwest market for a long time.

Polygon CEO Jeff Gow, who will leave the company, said in a statement he is excited about the combination.

According to SEC documents, Polygon executives Gary Young, Chris Eadon, Natalie Schmidt, Paulette Murchison, Andy Whisenant and Eric Evans will also leave the company once the sale is finalized.

The acquisition should not mean any changes for anyone currently building a home with Polygon, said William Lyon Homes spokeswoman Lisa Mueller.

In 2013, Polygon brought in $292 million in revenue. It is expected to build 850 to 900 new homes in 2014 and 1,100 to 1,200 in 2015.

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