Taylor Morrison, a top North American homebuilder, today announced the close of its sale to TMM Holdings Limited Partnership, which is owned indirectly by investment funds separately managed by TPG Capital and Oaktree Capital Management, L.P., as well as JH Investments, for $955 million. The sale includes two well-respected homebuilders, Taylor Morrison in the United States, and Monarch in Canada. The transaction was first announced on March 31, 2011.
In the Orange County area, the sale will have a positive impact on both current and future Taylor Morrison communities.
“Our already strong presence in the Orange County market will continue to grow, thanks to this sale,” said Phil Bodem, Division President for Taylor Morrison. “We can work to continue delivering the types of homes that buyers have told us are important to them while adding new homebuying opportunities to expand their selection.”
“The sale solidifies the company’s North American position as a leading homebuilder and offers new opportunities for expansion at a time when many builders are maintaining their positions,” said Taylor Morrison CEO and President Sheryl Palmer.
“Now it’s about being the best company we can be,” Palmer said. “We’ve shown that we can be a profitable, viable company during a difficult time. This sale is a vote of confidence for the way we do business, and we’re looking forward to capitalizing on it.”
Currently, Taylor Morrison has three communities in Irvine, which include the two- and three-bedroom stylish flats and loft-inspired townhomes of Esplanade, as well as the two-story, single-family homes of Las Colinas and Las Ventanas at Portola Springs.
In addition, on Monday, July 11th, Taylor Morrison’s local offices are now located at 8105 Irvine Center Drive, Suite 1450, in the Irvine Spectrum. The new office will be staffed by 31 employees and will feature a state-of-the-art design center and 2,000-square-foot showroom.
Taylor Morrison builds single-family residences and townhomes in Arizona, California, Colorado, Florida and Texas, while Monarch, one of Canada’s most recognizable real estate brands, builds both high- and low-rise products in Toronto and Ottawa. A third division, Taylor Morrison Communities, focuses solely on land acquisition. Palmer said all Taylor Morrison and Monarch employees are focused on continuing the success that the company has seen in recent years, pointing to the fact that all U.S. divisions returned to profitability in 2010 as a sign the homebuilder is on the right track.
For more information on Taylor Morrison and its communities, please visit taylormorrison.com.
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