A Phoenix-based private investment firm plans to buy up most of the assets of Gilbert-based Trend Homes for $65 million as part of bankruptcy restructuring by the homebuilder.
Najafi Companies CEO Jahm Najafi said in a statement that the firm plans to continue Trend’s building operations in the Valley and look for ways to improve and expand.
The deal will involve Trend and its affiliates filing for relief under Chapter 11 and could close in the spring if approved by a bankruptcy court.
Trend also said it expects to operate without interruption and provide warranty services to customers during the restructuring.
The homebuilder moved to the Valley from Salt Lake City, Utah in 1989 and builds about 1,200 homes a year. It has communities in Gilbert, Phoenix and the west Valley.