Dream Finders Secures Atlanta Foothold with Liberty Communities Acquisition

John McManus -

A Strategic Leap into Atlanta's Competitive Market

Dream Finders Homes (DFH), one of the fastest-growing public homebuilders in the United States, has made a significant move to bolster its Southeastern operations by acquiring Atlanta-based Liberty Communities. This transaction marks Dream Finders’ entrance into Atlanta—one of the nation's largest and most dynamic housing markets—and strengthens its position in Greenville, South Carolina. Liberty’s homebuilding operations, vertical integration capabilities, and land assets are included in the acquisition, making it a strategic bellwether for homebuilding M&A in 2025.

New Ground in Atlanta: A Market Gap Closed

Atlanta, a glaring "donut hole" in Dream Finders’ Southeastern presence, has long been a priority for DFH. The region, which saw over 27,000 single-family permits in 2024, represents a high-growth opportunity. According to Patrick Zalupski, Chairman and CEO of Dream Finders Homes:

Atlanta has been one of our highest-priority expansion markets. This transaction gives us a running start to build Atlanta into one of the top markets for DFH.”

Liberty Communities, under the leadership of founder and CEO Neil Koelbl, is recognized for its agility, local market expertise, and vertically integrated operations. The company operates along the I-85 corridor, from Atlanta to Greenville, leveraging proprietary panel plants and truss manufacturing capabilities to reduce costs and increase production efficiency.

Zelman & Associates, the exclusive sell-side advisor for Liberty, underscored the strategic alignment between the two firms. Tony McGill, Senior Managing Director of Zelman, explains,

This deal bridges a critical market gap for Dream Finders while bringing valuable operational advantages through Liberty’s vertical integration. The combination sets up DFH for accelerated growth in Atlanta and beyond.”

The Seller’s Perspective: Growth Beyond Legacy

For Neil Koelbl, Liberty’s founder and a veteran of the Atlanta housing market, this deal represents a growth-focused partnership. Koelbl, who previously ran Crown Communities before its acquisition by D.R. Horton, sought a strategic partner that could match Liberty’s ambitions while preserving its entrepreneurial culture.

This partnership with Dream Finders is a significant milestone for Liberty and a unique opportunity to pursue aggressive and sustainable growth with one of the leading national builders in our industry,” says Koelbl in a provided statement. “Dream Finders shares our core values and our commitment to customer service and product quality. It’s the perfect fit to take Liberty to the next level.”

For Koelbl, the deal also represents an opportunity to reward his team—particularly key leaders Chris Cox, Chrissy Marler, and Dolores Allen—who have been instrumental in Liberty’s success. As Koelbl notes, the team embodies Liberty’s ethos of being “hungry, humble, and smart.”

Four Themes Shaping the Deal’s Context

Market Expansion and Scale:

Dream Finders’ acquisition of Liberty reflects an overarching strategy of geographic expansion into high-demand markets. Atlanta’s combination of robust population growth, affordability relative to other metropolitan areas, and strong in-migration trends makes it a key battleground for homebuilders. Liberty’s established footprint and local expertise provide Dream Finders with immediate scale and operational know-how.

Vertical Integration as a Competitive Edge:

Liberty’s in-house panel and truss manufacturing capabilities add a layer of efficiency and cost control that aligns with Dream Finders’ asset-light business model. McGill highlights, “Liberty’s vertical integration offers an opportunity for DFH to explore broader applications of these efficiencies across its other markets.”

Public Capital Meets Entrepreneurial Agility:

The deal underscores a growing trend of public builders leveraging their access to capital markets to partner with nimble private operators. For Liberty, Dream Finders’ financial resources offer the ability to scale more aggressively while navigating the cost and operational challenges of today’s housing market.

Strategic Southeast Strengthening:

This acquisition builds on Dream Finders’ 2024 purchase of Crescent Homes, a move that expanded its presence in Nashville and the Carolinas. Together, these deals highlight DFH’s push to dominate the Southeast’s most competitive markets. With regional oversight from Liesel Cooper, Dream Finders’ Regional President, the company is poised to integrate these acquisitions effectively while maintaining its core focus on customer experience and operational excellence.

Implications for the Competitive Landscape

This acquisition is emblematic of a broader shift in the homebuilding industry, where public companies are intensifying their focus on market consolidation and operational synergies. The deal positions Dream Finders to be a stronger competitor in the Southeast, with the ability to leverage Liberty’s operational capabilities while pursuing its own growth strategies.

For private builders like Liberty, the decision to sell increasingly reflects the challenges of competing in a landscape dominated by larger, capital-rich public players. As Tony McGill observes,

The landscape is evolving rapidly. For smaller operators, finding the right partner is not just about growth; it’s about survival in an environment where access to land, labor, and materials is becoming more constrained.”

A Growth Platform with Long-Term Potential

Dream Finders’ approach to this acquisition reflects the company’s broader strategic philosophy: leveraging partnerships to expand its market reach while staying asset-light. The addition of Liberty’s vertically integrated operations opens the door to new efficiencies, particularly in high-demand markets where affordability and construction timelines are critical factors.

The acquisition is expected to contribute an additional 5% to Dream Finders’ 2025 projected closings, based on Liberty’s annual pace of approximately 400 homes. This aligns with DFH’s focus on driving returns through incremental growth in both market share and operational capacity.

What It Means for the Industry

This deal reflects a growing trend in U.S. homebuilding: the blending of public capital with private entrepreneurial expertise to drive growth in competitive markets. It’s a formula that works, particularly in markets like Atlanta, where local knowledge and operational efficiency are critical to success.

As the housing industry continues to grapple with challenges such as land shortages, rising costs, and affordability pressures, partnerships like this one may become the norm rather than the exception. The Liberty acquisition offers a blueprint for how public builders can leverage private operators’ strengths while addressing their own strategic objectives.

For Dream Finders, this is another step toward its ultimate goal: to ascend to the upper echelons of the homebuilding industry. As Zalupski puts it,

This transaction is not just about growth—it’s about positioning Dream Finders as a leader in the markets where we operate.”

Key Takeaways for Homebuilding Leaders

  • Consolidation Trends: This deal highlights the accelerating trend of public-private partnerships as a strategy for addressing market challenges and driving growth.
  • Strategic Market Entry: Atlanta's fast-growing market offers unique opportunities for homebuilders to expand their market share and operational capabilities.
  • Efficiency Drivers: Liberty’s vertically integrated operations provide Dream Finders with a unique opportunity to enhance efficiency and reduce costs across its markets.
  • Cultural Alignment: The partnership underscores the importance of shared values and strategic alignment in homebuilding M&A.