T. Morrison buys out Sandoval

CAPE CORAL — Taylor Morrison, homebuilder with operations in five states, purchased 577 home sites in Cape Coral's Sandoval community from the Bonita Bay Group late last month. Financial terms were not disclosed.

As a result of the transaction, Bonita Bay Group is fully divested from the 524-acre, 6-year-old development project.

The Bonita Bay Group opened Sandoval in 2005 as the first master-planned, gated community in Cape Coral. In 2011, the development saw more than 120 new home sales, a release says.