Shugart Homes, a Triad new-home residential developer for 53 years, said Tuesday it has been sold to a Columbia, S.C., group owned by a Berkshire Hathaway affiliate.
Mungo Homes, a division of Clayton Properties Group Inc., bought the Winston-Salem company for an undisclosed price. Clayton is the Berkshire affiliate.
Filings with the Forsyth County Register of Deeds on Tuesday listed 15 sets of properties that were sold by Shugart to Clayton for a combined $9.44 million. Those properties include development lots and tracts off Jonestown Road and Watkins Ford Road and the Sedge Hollow and Beeson Oaks developments.
Filings with the Guilford County Register of Deeds on Tuesday listed five sets of properties that were sold by Shugart to Clayton for a combined $3.41 million. Those properties include developments lots and tracts in Country Club Estates, Labelle, Meadow Valley, Stone Mill Village and Tarrant Trace.
Filings with the Davidson County Register of Deeds on Tuesday listed four sets of properties that were sold by Shugart to Clayton for a combined $2.47 million. Those properties include developments lots and tracts in Arcadia Ridge, Country Club Estates, Glehhaven and Planter's Walk.
The companies said there will be no management changes with Shugart, including vice president Brian Shugart remaining in charge of local operations. Grover Shugart founded the local company in 1966.
“Our cultures and commitment to quality and care align seamlessly, and we look forward to continuing to provide quality homes and great customer service to our homeowners,” Brian Shugart said in a statement.
The purchases gives Mungo, founded in 2002, its first major presence in the Triad. It has developments in the Triangle and Wilmington. Mungo Homes was acquired in November by Clayton.
“The joining of Shugart Homes and Mungo Homes creates tremendous synergy and adds a strategic location to the Mungo footprint,” said Steven Mungo, the company’s chief executive.
“The partnership with Shugart stays consistent with Clayton Properties Group’s previous acquisitions and will help ensure long-term growth and stability for the Triad builder.”
Mungo said it sold more than 1,950 homes in its seven markets in the Carolinas and Georgia during 2018.
Clayton offers traditional site-built homes and prefabricated housing, including modular homes, manufactured housing, tiny homes, park model recreational vehicles, college dormitories, military barracks and apartments. Among its properties is Oakwood Homes.