Getting your player ready...
Last week’s $955 million sale of Arizona-based homebuilder, Taylor Morrison, will have a positive impact of the builder’s current and future communities in the Denver area, according to a senior official.
Taylor Morrison was purchased by 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.
The sale included Monarch in Canada, as well as Taylor Morrison.
Denver operation to grow
“Our already strong presence in the metro Denver market will continue to grow thanks to this sale,” said Kip Gilleland, Division President for Taylor Morrison in Colorado. “We can work to continue delivering the types of homes that buyers have told us are important to them while adding new home buying 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 five communities in the metro Denver area, including:
Jordan Crossing in Parker.
The Vistas at Whisper Creek in Arvada.
The Willows at Whisper Creek in Arvada.
Wildgrass in Broomfield.
Erie Commons in Erie. Erie Commons is near close out.
Priced from the $200,000s
Taylor Morrison in the Denver area offers new homes in a variety of styles and prices ranging from the mid- $200,000s to the $350,000s.
In addition to Colorado, Taylor Morrison builds single-family residences and townhomes in Arizona, California, Florida and Texas. Monarch, one of Canada’s most recognizable real estate brands, builds both high- and low-rise product in Toronto and Ottawa. A third division, Taylor Morrison Communities, focuses solely on land acquisition.
Palmer pointed out that that all U.S. divisions returned to profitability in 2010 as a sign the homebuilder is on the right track.
“Now we’re positioned for the right growth opportunities, whether that’s in our existing markets or in new markets,” Palmer said. “And we’re up to the challenge.”
Contact John Rebchook at JRCHOOK@gmail.com
