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Ryland buys Dallas operations from LionsGate Homes

WESTLAKE VILLAGE, Calif. (AP) -- The homebuilder Ryland Group Inc. has purchased the Dallas/Fort Worth operations of LionsGate Homes, expanding its presence in the region.

Financial terms were not disclosed.

Ryland said Thursday that the buyout gives it more than 800 homes for future sales and 146 homes that are currently sold. LionsGate currently runs 17 active communities in Dallas/Fort Worth.

This is Ryland's third acquisition in less than a year. The Westlake Village, Calif., company purchased the Charlotte and Raleigh, N.C., assets of Timberstone Homes in July and the Phoenix operations of Trend Homes in December.

On Tuesday Ryland announced the promotion of Pete Skelly to the newly created position of chief operating officer. He most recently served as president of the homebuilding operations group.

Shares of Ryland declined $1.21, or 2.9 percent, to $41.18 in afternoon trading. The stock has traded between $19.25 and $50.42 over the past year.