The developer had third-highest closing volume on the Gulf Coast in 2010.
Taylor Morrison, the U.S. homebuilding subsidiary of U.K.-based Taylor Wimpey plc, was sold to a group of private investors for $955 million. According to Metrostudy, the Scottsdale, Az.-based company had the third-highest closing volume among Gulf Coast developers in 2010.
Regarding the company's sale, Taylor Morrison West Florida division president Steve Kempton said, “We continue to believe the housing market on the west coast of Florida will recover in the midterm, and we believe this announcement will allow us to continue to be a part of that recovery.”
TPG Capital, Oaktree Capital Management, and JH Investments manage the investment funds that are acquiring Taylor Morrison in the deal.
In addition to its Florida business, Taylor Morrison has homebuilding operations in Arizona, California, Colorado, and Texas. The company manages a number of developments along the Gulf Coast, including Tuscany at Tampa Palms in Tampa, Sun Ketch Townhomes at Northeast in St. Petersburg, Verona Reserve in Venice, and Treviso Bay in Naples.