Another Arizona homebuilder files for bankruptcy.
Phoenix-based private-equity company Najafi Cos. announced Thursday that it has agreed to purchase Trend Homes Inc. of Gilbert and send it through bankruptcy reorganization.
It is just the latest sign of home-builders’ struggles in a slumping market, and another step toward an expected consolidation in the industry. The announcement came a day after Tousa Inc., the parent of Engle Homes, the eighth-largest Arizona home builder in 2006, filed for bankruptcy protection in Florida. Tousa is based in Hollywood, Fla.
Trend Homes is expected to emerge from bankruptcy reorganization in 90 days, according to a company press release.