Taylor Morrison IPO raises $526 million

Shares of Taylor Morrison Homes Corp., Arizona’s newest public company, debuted on the New York Stock Exchange on Wednesday, posting a 4.7 percent price increase in its first day of trading.

Scottsdale-based Taylor Morrison raised $526 million through its initial public offering of 28.6 million shares. The home builder’s stock price opened at $22 a share, hit and intraday high of $23.78 and closed at $23.04.

Read more:  Taylor Morrison IPO raises $526 million

Homebuilder Taylor Morrison doubles IPO size | Reuters

Record-low mortgage rates and rising selling prices have driven up demand to levels that the large U.S. builders are struggling to meet, creating room for smaller companies.

Shares of Tri Pointe Homes LLC, which last month became the first U.S. homebuilder to go public in over a decade, and those of plywood and lumber maker Boise Cascade Co surged in their market debut over the last three weeks.

Read more: Homebuilder Taylor Morrison doubles IPO size | Reuters

Homebuilder Taylor Morrison doubles IPO size | Reuters

Record-low mortgage rates and rising selling prices have driven up demand to levels that the large U.S. builders are struggling to meet, creating room for smaller companies.

Shares of Tri Pointe Homes LLC, which last month became the first U.S. homebuilder to go public in over a decade, and those of plywood and lumber maker Boise Cascade Co surged in their market debut over the last three weeks.

Read more: Homebuilder Taylor Morrison doubles IPO size | Reuters

7 builders commit to Mesa's Eastmark

Builders are spending $50 million to buy the first home lots in Mesa's Eastmark, the former location of the GM Proving Grounds. It's the first major multiple-builder land purchase in a new metro Phoenix community in five years.

Houses on the 709 lots bought by seven builders will be for sale to customers early next year.

At the height of the housing boom in 2006, developer Scottsdale-based DMB paid $260 million for its 3,200 acres of the site, where GM raced Corvettes and tested other cars for decades. But, it was clear by the end of 2007 that the housing market was heading for a serious downturn.

The first round of builders at Eastmark -- Maracay Homes, Mattamy Homes, TaylorMorrison, Woodside Homes, Trend Homes, Standard Pacific Homes and Meritage Homes Corp. -- are buying lots from DMB just as the homebuilding market is starting to recover. Last month, single-family permits and new-home sales were more than double May 2011's levels, according to the Phoenix Housing Market Letter.

"The commitment of these builders represents an unprecedented level of confidence in Arizona's residential market backed by promising economic indicators," said Dea McDonald, DMB's Eastmark general manager. "We are seeing a resurgence in homebuilding activity in Arizona and in the East Valley."

In Mesa alone, homebuilding permits are up 100 percent from last year. A growing number of homebuyers frustrated about being outbid on a shrinking number of short sales and foreclosures are opting for new homes.

The builders had to commit to buying lots in Eastmark two years ago, when the region's housing market was showing no signs of a recovery.

"It was a tough deal to sell to our board back then, but now we all look smart and are trying to take credit for the foresight to commit to land in Eastmark," said Charlie Enochs, TaylorMorrison president.

There is no information about the designs or prices of the homes yet. As in its other meticulously planned communities, including DC Ranch in Scottsdale and Verrado in Buckeye, DMB sets high standards for home designs.

DMB's overall plans for Eastmark include a large commercial hub, retail, a 100-acre central park and several community parks that connect. The first phase of Eastmark will have 12 parks.

When the housing market collapsed, building new homes on its Mesa land fell several slots on DMB's plans for the community, and the developer redoubled its efforts to help bring new jobs and industries to Gateway, the area surrounding Eastmark that includes the Phoenix-Mesa Gateway Airport and Arizona State University's Polytechnic campus.

Economic-development efforts by DMB and Mesa brought a 1.3 million-square-foot First Solar plant to Eastmark last year. The solar-panel facility's opening is on hold as the Tempe-based company deals with falling international demand for its panels.

Plans are still under way for a resort at Eastmark. In 2008, Gaylord Entertainment committed to building a 1,200-room hotel in the community, but it was placed on hold in 2009 in the depths of the recession.

Last month, hotel giant Marriott agreed to buy and manage Gaylord's existing four resorts. Charley Freericks, DMB president, said the company still has an agreement for the resort and hopes to close the deal late this year or early next year.

"As the first large-scale community to launch in Arizona in nearly a decade, Eastmark is being closely watched," he said. "We are designing the community with the 'new normal' in mind. People are putting higher values on a sense of community, proximity to employment and environmental stewardship. Each building partner is creating designs specifically for Eastmark."

by Catherine Reagor - Jun. 28, 2012 06:27 PM The Republic | azcentral.com



7 builders commit to Mesa's Eastmark

7 builders commit to Mesa's Eastmark

Builders are spending $50 million to buy the first home lots in Mesa's Eastmark, the former location of the GM Proving Grounds. It's the first major multiple-builder land purchase in a new metro Phoenix community in five years.

Houses on the 709 lots bought by seven builders will be for sale to customers early next year.

At the height of the housing boom in 2006, developer Scottsdale-based DMB paid $260 million for its 3,200 acres of the site, where GM raced Corvettes and tested other cars for decades. But, it was clear by the end of 2007 that the housing market was heading for a serious downturn.

The first round of builders at Eastmark -- Maracay Homes, Mattamy Homes, TaylorMorrison, Woodside Homes, Trend Homes, Standard Pacific Homes and Meritage Homes Corp. -- are buying lots from DMB just as the homebuilding market is starting to recover. Last month, single-family permits and new-home sales were more than double May 2011's levels, according to the Phoenix Housing Market Letter.

"The commitment of these builders represents an unprecedented level of confidence in Arizona's residential market backed by promising economic indicators," said Dea McDonald, DMB's Eastmark general manager. "We are seeing a resurgence in homebuilding activity in Arizona and in the East Valley."

In Mesa alone, homebuilding permits are up 100 percent from last year. A growing number of homebuyers frustrated about being outbid on a shrinking number of short sales and foreclosures are opting for new homes.

The builders had to commit to buying lots in Eastmark two years ago, when the region's housing market was showing no signs of a recovery.

"It was a tough deal to sell to our board back then, but now we all look smart and are trying to take credit for the foresight to commit to land in Eastmark," said Charlie Enochs, TaylorMorrison president.

There is no information about the designs or prices of the homes yet. As in its other meticulously planned communities, including DC Ranch in Scottsdale and Verrado in Buckeye, DMB sets high standards for home designs.

DMB's overall plans for Eastmark include a large commercial hub, retail, a 100-acre central park and several community parks that connect. The first phase of Eastmark will have 12 parks.

When the housing market collapsed, building new homes on its Mesa land fell several slots on DMB's plans for the community, and the developer redoubled its efforts to help bring new jobs and industries to Gateway, the area surrounding Eastmark that includes the Phoenix-Mesa Gateway Airport and Arizona State University's Polytechnic campus.

Economic-development efforts by DMB and Mesa brought a 1.3 million-square-foot First Solar plant to Eastmark last year. The solar-panel facility's opening is on hold as the Tempe-based company deals with falling international demand for its panels.

Plans are still under way for a resort at Eastmark. In 2008, Gaylord Entertainment committed to building a 1,200-room hotel in the community, but it was placed on hold in 2009 in the depths of the recession.

Last month, hotel giant Marriott agreed to buy and manage Gaylord's existing four resorts. Charley Freericks, DMB president, said the company still has an agreement for the resort and hopes to close the deal late this year or early next year.

"As the first large-scale community to launch in Arizona in nearly a decade, Eastmark is being closely watched," he said. "We are designing the community with the 'new normal' in mind. People are putting higher values on a sense of community, proximity to employment and environmental stewardship. Each building partner is creating designs specifically for Eastmark."

by Catherine Reagor - Jun. 28, 2012 06:27 PM The Republic | azcentral.com



7 builders commit to Mesa's Eastmark

7 builders commit to Mesa's Eastmark

Builders are spending $50 million to buy the first home lots in Mesa's Eastmark, the former location of the GM Proving Grounds. It's the first major multiple-builder land purchase in a new metro Phoenix community in five years.

Houses on the 709 lots bought by seven builders will be for sale to customers early next year.

At the height of the housing boom in 2006, developer Scottsdale-based DMB paid $260 million for its 3,200 acres of the site, where GM raced Corvettes and tested other cars for decades. But, it was clear by the end of 2007 that the housing market was heading for a serious downturn.

The first round of builders at Eastmark -- Maracay Homes, Mattamy Homes, TaylorMorrison, Woodside Homes, Trend Homes, Standard Pacific Homes and Meritage Homes Corp. -- are buying lots from DMB just as the homebuilding market is starting to recover. Last month, single-family permits and new-home sales were more than double May 2011's levels, according to the Phoenix Housing Market Letter.

"The commitment of these builders represents an unprecedented level of confidence in Arizona's residential market backed by promising economic indicators," said Dea McDonald, DMB's Eastmark general manager. "We are seeing a resurgence in homebuilding activity in Arizona and in the East Valley."

In Mesa alone, homebuilding permits are up 100 percent from last year. A growing number of homebuyers frustrated about being outbid on a shrinking number of short sales and foreclosures are opting for new homes.

The builders had to commit to buying lots in Eastmark two years ago, when the region's housing market was showing no signs of a recovery.

"It was a tough deal to sell to our board back then, but now we all look smart and are trying to take credit for the foresight to commit to land in Eastmark," said Charlie Enochs, TaylorMorrison president.

There is no information about the designs or prices of the homes yet. As in its other meticulously planned communities, including DC Ranch in Scottsdale and Verrado in Buckeye, DMB sets high standards for home designs.

DMB's overall plans for Eastmark include a large commercial hub, retail, a 100-acre central park and several community parks that connect. The first phase of Eastmark will have 12 parks.

When the housing market collapsed, building new homes on its Mesa land fell several slots on DMB's plans for the community, and the developer redoubled its efforts to help bring new jobs and industries to Gateway, the area surrounding Eastmark that includes the Phoenix-Mesa Gateway Airport and Arizona State University's Polytechnic campus.

Economic-development efforts by DMB and Mesa brought a 1.3 million-square-foot First Solar plant to Eastmark last year. The solar-panel facility's opening is on hold as the Tempe-based company deals with falling international demand for its panels.

Plans are still under way for a resort at Eastmark. In 2008, Gaylord Entertainment committed to building a 1,200-room hotel in the community, but it was placed on hold in 2009 in the depths of the recession.

Last month, hotel giant Marriott agreed to buy and manage Gaylord's existing four resorts. Charley Freericks, DMB president, said the company still has an agreement for the resort and hopes to close the deal late this year or early next year.

"As the first large-scale community to launch in Arizona in nearly a decade, Eastmark is being closely watched," he said. "We are designing the community with the 'new normal' in mind. People are putting higher values on a sense of community, proximity to employment and environmental stewardship. Each building partner is creating designs specifically for Eastmark."

by Catherine Reagor - Jun. 28, 2012 06:27 PM The Republic | azcentral.com



7 builders commit to Mesa's Eastmark

7 builders commit to Mesa's Eastmark

Builders are spending $50 million to buy the first home lots in Mesa's Eastmark, the former location of the GM Proving Grounds. It's the first major multiple-builder land purchase in a new metro Phoenix community in five years.

Houses on the 709 lots bought by seven builders will be for sale to customers early next year.

At the height of the housing boom in 2006, developer Scottsdale-based DMB paid $260 million for its 3,200 acres of the site, where GM raced Corvettes and tested other cars for decades. But, it was clear by the end of 2007 that the housing market was heading for a serious downturn.

The first round of builders at Eastmark -- Maracay Homes, Mattamy Homes, TaylorMorrison, Woodside Homes, Trend Homes, Standard Pacific Homes and Meritage Homes Corp. -- are buying lots from DMB just as the homebuilding market is starting to recover. Last month, single-family permits and new-home sales were more than double May 2011's levels, according to the Phoenix Housing Market Letter.

"The commitment of these builders represents an unprecedented level of confidence in Arizona's residential market backed by promising economic indicators," said Dea McDonald, DMB's Eastmark general manager. "We are seeing a resurgence in homebuilding activity in Arizona and in the East Valley."

In Mesa alone, homebuilding permits are up 100 percent from last year. A growing number of homebuyers frustrated about being outbid on a shrinking number of short sales and foreclosures are opting for new homes.

The builders had to commit to buying lots in Eastmark two years ago, when the region's housing market was showing no signs of a recovery.

"It was a tough deal to sell to our board back then, but now we all look smart and are trying to take credit for the foresight to commit to land in Eastmark," said Charlie Enochs, TaylorMorrison president.

There is no information about the designs or prices of the homes yet. As in its other meticulously planned communities, including DC Ranch in Scottsdale and Verrado in Buckeye, DMB sets high standards for home designs.

DMB's overall plans for Eastmark include a large commercial hub, retail, a 100-acre central park and several community parks that connect. The first phase of Eastmark will have 12 parks.

When the housing market collapsed, building new homes on its Mesa land fell several slots on DMB's plans for the community, and the developer redoubled its efforts to help bring new jobs and industries to Gateway, the area surrounding Eastmark that includes the Phoenix-Mesa Gateway Airport and Arizona State University's Polytechnic campus.

Economic-development efforts by DMB and Mesa brought a 1.3 million-square-foot First Solar plant to Eastmark last year. The solar-panel facility's opening is on hold as the Tempe-based company deals with falling international demand for its panels.

Plans are still under way for a resort at Eastmark. In 2008, Gaylord Entertainment committed to building a 1,200-room hotel in the community, but it was placed on hold in 2009 in the depths of the recession.

Last month, hotel giant Marriott agreed to buy and manage Gaylord's existing four resorts. Charley Freericks, DMB president, said the company still has an agreement for the resort and hopes to close the deal late this year or early next year.

"As the first large-scale community to launch in Arizona in nearly a decade, Eastmark is being closely watched," he said. "We are designing the community with the 'new normal' in mind. People are putting higher values on a sense of community, proximity to employment and environmental stewardship. Each building partner is creating designs specifically for Eastmark."

by Catherine Reagor - Jun. 28, 2012 06:27 PM The Republic | azcentral.com



7 builders commit to Mesa's Eastmark

Scottsdale-based Taylor Morrison to be purchased by investors

The British parent organization of Scottsdale-based homebuilder Taylor Morrison said Thursday that it has agreed to sell the builder and its Canadian subsidiary to a private-investment consortium for $955 million.

Parent Taylor Wimpey plc, a publicly held company that trades on the London Stock Exchange, said it plans to sell Taylor Morrison and Ontario-based builder Monarch to a group of investment funds managed by TPG Capital, Oaktree Capital Management and JH Investments Inc.

The sale, subject to approval by regulators and Taylor Wimpey shareholders, is expected to close in May, company officials said.


"We see this as a positive sign for the future of our business," said Sheryl Palmer, Taylor Morrison president and CEO. "The commitment and tenacity of our team have helped pave the road for today's announcement."

Taylor Morrison and Monarch have ongoing homebuilding operations in Arizona, California, Colorado, Florida, Texas and Canada.

Palmer said Taylor Morrison met its primary objective for 2010, which was for all the company's U.S. divisions to return to profitability after suffering losses in 2009.

"We've weathered the storm while remaining true to our core values," she said. "We've pulled through with a structure that we feel is very viable in today's market."

Investor TPG Capital is a private-equity firm based in Fort Worth, Texas, that was founded in 1992.

During its nearly 20 years of operation, the company has invested in a variety of companies, including Lucent Technologies, Beringer Wine, Del Monte Foods, Ducati Motorcycles and clothing-maker J. Crew.

In recent years, TPG Capital has invested in a number of real-estate-related companies, including Chicago-based ST Residential, owner of the 44 Monroe condominium project in downtown Phoenix, which reopened recently as an upscale apartment community.

"We are pleased to add Taylor Morrison to our growing portfolio of real-estate-related businesses," said Kelvin Davis, TPG senior partner. "We're looking forward to working with the company's management team, which has done an excellent job leading the businesses through a difficult economic environment."

Los Angeles-based Oaktree Capital Management, another investor in the deal, manages a number of investment funds including GFI Energy Ventures LLC, which invests exclusively in the energy and power industry.

"We believe that the company's international platform is an ideal vehicle for participating in the future recovery of the homebuilding industry," said John Brady, head of Oaktree's global real-estate investment unit.

JH Investments Inc., the third investor in the Taylor Morrison deal, is based in Vancouver, Canada.

Its owner is Joe Houssian, founder and former CEO of Intrawest Corp., an international resort and real-estate developer that was sold in 2006 for $2.8 billion.

"We have been very intrigued with Taylor Morrison and Monarch for quite some time, and we are looking forward to being associated with this first-class organization," Houssian said.

by J. Craig Anderson The Arizona Republic Apr. 1, 2011 12:00 AM





Scottsdale-based Taylor Morrison to be purchased by investors

Scottsdale-based Taylor Morrison to be purchased by investors

The British parent organization of Scottsdale-based homebuilder Taylor Morrison said Thursday that it has agreed to sell the builder and its Canadian subsidiary to a private-investment consortium for $955 million.

Parent Taylor Wimpey plc, a publicly held company that trades on the London Stock Exchange, said it plans to sell Taylor Morrison and Ontario-based builder Monarch to a group of investment funds managed by TPG Capital, Oaktree Capital Management and JH Investments Inc.

The sale, subject to approval by regulators and Taylor Wimpey shareholders, is expected to close in May, company officials said.


"We see this as a positive sign for the future of our business," said Sheryl Palmer, Taylor Morrison president and CEO. "The commitment and tenacity of our team have helped pave the road for today's announcement."

Taylor Morrison and Monarch have ongoing homebuilding operations in Arizona, California, Colorado, Florida, Texas and Canada.

Palmer said Taylor Morrison met its primary objective for 2010, which was for all the company's U.S. divisions to return to profitability after suffering losses in 2009.

"We've weathered the storm while remaining true to our core values," she said. "We've pulled through with a structure that we feel is very viable in today's market."

Investor TPG Capital is a private-equity firm based in Fort Worth, Texas, that was founded in 1992.

During its nearly 20 years of operation, the company has invested in a variety of companies, including Lucent Technologies, Beringer Wine, Del Monte Foods, Ducati Motorcycles and clothing-maker J. Crew.

In recent years, TPG Capital has invested in a number of real-estate-related companies, including Chicago-based ST Residential, owner of the 44 Monroe condominium project in downtown Phoenix, which reopened recently as an upscale apartment community.

"We are pleased to add Taylor Morrison to our growing portfolio of real-estate-related businesses," said Kelvin Davis, TPG senior partner. "We're looking forward to working with the company's management team, which has done an excellent job leading the businesses through a difficult economic environment."

Los Angeles-based Oaktree Capital Management, another investor in the deal, manages a number of investment funds including GFI Energy Ventures LLC, which invests exclusively in the energy and power industry.

"We believe that the company's international platform is an ideal vehicle for participating in the future recovery of the homebuilding industry," said John Brady, head of Oaktree's global real-estate investment unit.

JH Investments Inc., the third investor in the Taylor Morrison deal, is based in Vancouver, Canada.

Its owner is Joe Houssian, founder and former CEO of Intrawest Corp., an international resort and real-estate developer that was sold in 2006 for $2.8 billion.

"We have been very intrigued with Taylor Morrison and Monarch for quite some time, and we are looking forward to being associated with this first-class organization," Houssian said.

by J. Craig Anderson The Arizona Republic Apr. 1, 2011 12:00 AM





Scottsdale-based Taylor Morrison to be purchased by investors

Scottsdale-based Taylor Morrison to be purchased by investors

The British parent organization of Scottsdale-based homebuilder Taylor Morrison said Thursday that it has agreed to sell the builder and its Canadian subsidiary to a private-investment consortium for $955 million.

Parent Taylor Wimpey plc, a publicly held company that trades on the London Stock Exchange, said it plans to sell Taylor Morrison and Ontario-based builder Monarch to a group of investment funds managed by TPG Capital, Oaktree Capital Management and JH Investments Inc.

The sale, subject to approval by regulators and Taylor Wimpey shareholders, is expected to close in May, company officials said.


"We see this as a positive sign for the future of our business," said Sheryl Palmer, Taylor Morrison president and CEO. "The commitment and tenacity of our team have helped pave the road for today's announcement."

Taylor Morrison and Monarch have ongoing homebuilding operations in Arizona, California, Colorado, Florida, Texas and Canada.

Palmer said Taylor Morrison met its primary objective for 2010, which was for all the company's U.S. divisions to return to profitability after suffering losses in 2009.

"We've weathered the storm while remaining true to our core values," she said. "We've pulled through with a structure that we feel is very viable in today's market."

Investor TPG Capital is a private-equity firm based in Fort Worth, Texas, that was founded in 1992.

During its nearly 20 years of operation, the company has invested in a variety of companies, including Lucent Technologies, Beringer Wine, Del Monte Foods, Ducati Motorcycles and clothing-maker J. Crew.

In recent years, TPG Capital has invested in a number of real-estate-related companies, including Chicago-based ST Residential, owner of the 44 Monroe condominium project in downtown Phoenix, which reopened recently as an upscale apartment community.

"We are pleased to add Taylor Morrison to our growing portfolio of real-estate-related businesses," said Kelvin Davis, TPG senior partner. "We're looking forward to working with the company's management team, which has done an excellent job leading the businesses through a difficult economic environment."

Los Angeles-based Oaktree Capital Management, another investor in the deal, manages a number of investment funds including GFI Energy Ventures LLC, which invests exclusively in the energy and power industry.

"We believe that the company's international platform is an ideal vehicle for participating in the future recovery of the homebuilding industry," said John Brady, head of Oaktree's global real-estate investment unit.

JH Investments Inc., the third investor in the Taylor Morrison deal, is based in Vancouver, Canada.

Its owner is Joe Houssian, founder and former CEO of Intrawest Corp., an international resort and real-estate developer that was sold in 2006 for $2.8 billion.

"We have been very intrigued with Taylor Morrison and Monarch for quite some time, and we are looking forward to being associated with this first-class organization," Houssian said.

by J. Craig Anderson The Arizona Republic Apr. 1, 2011 12:00 AM





Scottsdale-based Taylor Morrison to be purchased by investors

Scottsdale-based Taylor Morrison to be purchased by investors

The British parent organization of Scottsdale-based homebuilder Taylor Morrison said Thursday that it has agreed to sell the builder and its Canadian subsidiary to a private-investment consortium for $955 million.

Parent Taylor Wimpey plc, a publicly held company that trades on the London Stock Exchange, said it plans to sell Taylor Morrison and Ontario-based builder Monarch to a group of investment funds managed by TPG Capital, Oaktree Capital Management and JH Investments Inc.

The sale, subject to approval by regulators and Taylor Wimpey shareholders, is expected to close in May, company officials said.


"We see this as a positive sign for the future of our business," said Sheryl Palmer, Taylor Morrison president and CEO. "The commitment and tenacity of our team have helped pave the road for today's announcement."

Taylor Morrison and Monarch have ongoing homebuilding operations in Arizona, California, Colorado, Florida, Texas and Canada.

Palmer said Taylor Morrison met its primary objective for 2010, which was for all the company's U.S. divisions to return to profitability after suffering losses in 2009.

"We've weathered the storm while remaining true to our core values," she said. "We've pulled through with a structure that we feel is very viable in today's market."

Investor TPG Capital is a private-equity firm based in Fort Worth, Texas, that was founded in 1992.

During its nearly 20 years of operation, the company has invested in a variety of companies, including Lucent Technologies, Beringer Wine, Del Monte Foods, Ducati Motorcycles and clothing-maker J. Crew.

In recent years, TPG Capital has invested in a number of real-estate-related companies, including Chicago-based ST Residential, owner of the 44 Monroe condominium project in downtown Phoenix, which reopened recently as an upscale apartment community.

"We are pleased to add Taylor Morrison to our growing portfolio of real-estate-related businesses," said Kelvin Davis, TPG senior partner. "We're looking forward to working with the company's management team, which has done an excellent job leading the businesses through a difficult economic environment."

Los Angeles-based Oaktree Capital Management, another investor in the deal, manages a number of investment funds including GFI Energy Ventures LLC, which invests exclusively in the energy and power industry.

"We believe that the company's international platform is an ideal vehicle for participating in the future recovery of the homebuilding industry," said John Brady, head of Oaktree's global real-estate investment unit.

JH Investments Inc., the third investor in the Taylor Morrison deal, is based in Vancouver, Canada.

Its owner is Joe Houssian, founder and former CEO of Intrawest Corp., an international resort and real-estate developer that was sold in 2006 for $2.8 billion.

"We have been very intrigued with Taylor Morrison and Monarch for quite some time, and we are looking forward to being associated with this first-class organization," Houssian said.

by J. Craig Anderson The Arizona Republic Apr. 1, 2011 12:00 AM





Scottsdale-based Taylor Morrison to be purchased by investors

Scottsdale-based Taylor Morrison to be purchased by investors

The British parent organization of Scottsdale-based homebuilder Taylor Morrison said Thursday that it has agreed to sell the builder and its Canadian subsidiary to a private-investment consortium for $955 million.

Parent Taylor Wimpey plc, a publicly held company that trades on the London Stock Exchange, said it plans to sell Taylor Morrison and Ontario-based builder Monarch to a group of investment funds managed by TPG Capital, Oaktree Capital Management and JH Investments Inc.

The sale, subject to approval by regulators and Taylor Wimpey shareholders, is expected to close in May, company officials said.


"We see this as a positive sign for the future of our business," said Sheryl Palmer, Taylor Morrison president and CEO. "The commitment and tenacity of our team have helped pave the road for today's announcement."

Taylor Morrison and Monarch have ongoing homebuilding operations in Arizona, California, Colorado, Florida, Texas and Canada.

Palmer said Taylor Morrison met its primary objective for 2010, which was for all the company's U.S. divisions to return to profitability after suffering losses in 2009.

"We've weathered the storm while remaining true to our core values," she said. "We've pulled through with a structure that we feel is very viable in today's market."

Investor TPG Capital is a private-equity firm based in Fort Worth, Texas, that was founded in 1992.

During its nearly 20 years of operation, the company has invested in a variety of companies, including Lucent Technologies, Beringer Wine, Del Monte Foods, Ducati Motorcycles and clothing-maker J. Crew.

In recent years, TPG Capital has invested in a number of real-estate-related companies, including Chicago-based ST Residential, owner of the 44 Monroe condominium project in downtown Phoenix, which reopened recently as an upscale apartment community.

"We are pleased to add Taylor Morrison to our growing portfolio of real-estate-related businesses," said Kelvin Davis, TPG senior partner. "We're looking forward to working with the company's management team, which has done an excellent job leading the businesses through a difficult economic environment."

Los Angeles-based Oaktree Capital Management, another investor in the deal, manages a number of investment funds including GFI Energy Ventures LLC, which invests exclusively in the energy and power industry.

"We believe that the company's international platform is an ideal vehicle for participating in the future recovery of the homebuilding industry," said John Brady, head of Oaktree's global real-estate investment unit.

JH Investments Inc., the third investor in the Taylor Morrison deal, is based in Vancouver, Canada.

Its owner is Joe Houssian, founder and former CEO of Intrawest Corp., an international resort and real-estate developer that was sold in 2006 for $2.8 billion.

"We have been very intrigued with Taylor Morrison and Monarch for quite some time, and we are looking forward to being associated with this first-class organization," Houssian said.

by J. Craig Anderson The Arizona Republic Apr. 1, 2011 12:00 AM





Scottsdale-based Taylor Morrison to be purchased by investors

Scottsdale-based Taylor Morrison to be purchased by investors

The British parent organization of Scottsdale-based homebuilder Taylor Morrison said Thursday that it has agreed to sell the builder and its Canadian subsidiary to a private-investment consortium for $955 million.

Parent Taylor Wimpey plc, a publicly held company that trades on the London Stock Exchange, said it plans to sell Taylor Morrison and Ontario-based builder Monarch to a group of investment funds managed by TPG Capital, Oaktree Capital Management and JH Investments Inc.

The sale, subject to approval by regulators and Taylor Wimpey shareholders, is expected to close in May, company officials said.


"We see this as a positive sign for the future of our business," said Sheryl Palmer, Taylor Morrison president and CEO. "The commitment and tenacity of our team have helped pave the road for today's announcement."

Taylor Morrison and Monarch have ongoing homebuilding operations in Arizona, California, Colorado, Florida, Texas and Canada.

Palmer said Taylor Morrison met its primary objective for 2010, which was for all the company's U.S. divisions to return to profitability after suffering losses in 2009.

"We've weathered the storm while remaining true to our core values," she said. "We've pulled through with a structure that we feel is very viable in today's market."

Investor TPG Capital is a private-equity firm based in Fort Worth, Texas, that was founded in 1992.

During its nearly 20 years of operation, the company has invested in a variety of companies, including Lucent Technologies, Beringer Wine, Del Monte Foods, Ducati Motorcycles and clothing-maker J. Crew.

In recent years, TPG Capital has invested in a number of real-estate-related companies, including Chicago-based ST Residential, owner of the 44 Monroe condominium project in downtown Phoenix, which reopened recently as an upscale apartment community.

"We are pleased to add Taylor Morrison to our growing portfolio of real-estate-related businesses," said Kelvin Davis, TPG senior partner. "We're looking forward to working with the company's management team, which has done an excellent job leading the businesses through a difficult economic environment."

Los Angeles-based Oaktree Capital Management, another investor in the deal, manages a number of investment funds including GFI Energy Ventures LLC, which invests exclusively in the energy and power industry.

"We believe that the company's international platform is an ideal vehicle for participating in the future recovery of the homebuilding industry," said John Brady, head of Oaktree's global real-estate investment unit.

JH Investments Inc., the third investor in the Taylor Morrison deal, is based in Vancouver, Canada.

Its owner is Joe Houssian, founder and former CEO of Intrawest Corp., an international resort and real-estate developer that was sold in 2006 for $2.8 billion.

"We have been very intrigued with Taylor Morrison and Monarch for quite some time, and we are looking forward to being associated with this first-class organization," Houssian said.

by J. Craig Anderson The Arizona Republic Apr. 1, 2011 12:00 AM





Scottsdale-based Taylor Morrison to be purchased by investors

Scottsdale-based Taylor Morrison to be purchased by investors

The British parent organization of Scottsdale-based homebuilder Taylor Morrison said Thursday that it has agreed to sell the builder and its Canadian subsidiary to a private-investment consortium for $955 million.

Parent Taylor Wimpey plc, a publicly held company that trades on the London Stock Exchange, said it plans to sell Taylor Morrison and Ontario-based builder Monarch to a group of investment funds managed by TPG Capital, Oaktree Capital Management and JH Investments Inc.

The sale, subject to approval by regulators and Taylor Wimpey shareholders, is expected to close in May, company officials said.


"We see this as a positive sign for the future of our business," said Sheryl Palmer, Taylor Morrison president and CEO. "The commitment and tenacity of our team have helped pave the road for today's announcement."

Taylor Morrison and Monarch have ongoing homebuilding operations in Arizona, California, Colorado, Florida, Texas and Canada.

Palmer said Taylor Morrison met its primary objective for 2010, which was for all the company's U.S. divisions to return to profitability after suffering losses in 2009.

"We've weathered the storm while remaining true to our core values," she said. "We've pulled through with a structure that we feel is very viable in today's market."

Investor TPG Capital is a private-equity firm based in Fort Worth, Texas, that was founded in 1992.

During its nearly 20 years of operation, the company has invested in a variety of companies, including Lucent Technologies, Beringer Wine, Del Monte Foods, Ducati Motorcycles and clothing-maker J. Crew.

In recent years, TPG Capital has invested in a number of real-estate-related companies, including Chicago-based ST Residential, owner of the 44 Monroe condominium project in downtown Phoenix, which reopened recently as an upscale apartment community.

"We are pleased to add Taylor Morrison to our growing portfolio of real-estate-related businesses," said Kelvin Davis, TPG senior partner. "We're looking forward to working with the company's management team, which has done an excellent job leading the businesses through a difficult economic environment."

Los Angeles-based Oaktree Capital Management, another investor in the deal, manages a number of investment funds including GFI Energy Ventures LLC, which invests exclusively in the energy and power industry.

"We believe that the company's international platform is an ideal vehicle for participating in the future recovery of the homebuilding industry," said John Brady, head of Oaktree's global real-estate investment unit.

JH Investments Inc., the third investor in the Taylor Morrison deal, is based in Vancouver, Canada.

Its owner is Joe Houssian, founder and former CEO of Intrawest Corp., an international resort and real-estate developer that was sold in 2006 for $2.8 billion.

"We have been very intrigued with Taylor Morrison and Monarch for quite some time, and we are looking forward to being associated with this first-class organization," Houssian said.

by J. Craig Anderson The Arizona Republic Apr. 1, 2011 12:00 AM





Scottsdale-based Taylor Morrison to be purchased by investors

New subdivisions starting to sprout

Phoenix-area residents are about to encounter something they haven't seen since the housing boom: grand-opening signs for new communities.

The first of those is at Adora Trails, a 1,900-lot, master-planned community by Taylor Morrison on Riggs Road, between Val Vista and Higley roads, in Gilbert, which opens for business Saturday.

Another subdivision scheduled to open soon is Church Farms, a William Lyon master-planned community of roughly 1,750 lots between Meridian and Signal Butte roads in Queen Creek.

At least three others are scheduled to open before the end of the year, a Phoenix area housing analyst said.

The price of vacant lots inside existing subdivisions in desirable areas such as the southeast Valley has doubled since 18 months ago, according to homebuilding-industry analyst Jim Belfiore, president of Belfiore Real Estate Consulting in Phoenix.

That price increase almost nullifies what had been a significant financial advantage for homebuilders to build inside existing subdivisions abandoned by former competitors, Belfiore said.

A finished lot is one in which a significant amount of work has been completed, such as grading, road and curb construction, and the installation of sewer pipes and other utilities.

Rather than developing raw land, as they usually do, homebuilders during the past 18 months have opted to buy finished lots when they have wanted to add a new location.

But the supply of lots either purchased or spoken for by existing homebuilders is nearly depleted, and what remains is now selling at a premium.

Lot prices generally are determined based on the property's width, or "front-footage," Belfiore said. The price per front-foot has gone from as low as $400 to $600 to $1,250, which he said was about what it costs to develop raw land.

It remains unclear whether new subdivisions, conceived while home sales were being supported by federal tax incentives, will be successful.

Still, Belfiore said the new communities have as good a chance as any to thrive.

"Now, it is more viable to purchase raw land and bring it to market," he said.

by J. Craig Anderson The Arizona Republic Sept. 17, 2010 02:36 PM




New subdivisions starting to sprout

New subdivisions starting to sprout

Phoenix-area residents are about to encounter something they haven't seen since the housing boom: grand-opening signs for new communities.

The first of those is at Adora Trails, a 1,900-lot, master-planned community by Taylor Morrison on Riggs Road, between Val Vista and Higley roads, in Gilbert, which opens for business Saturday.

Another subdivision scheduled to open soon is Church Farms, a William Lyon master-planned community of roughly 1,750 lots between Meridian and Signal Butte roads in Queen Creek.

At least three others are scheduled to open before the end of the year, a Phoenix area housing analyst said.

The price of vacant lots inside existing subdivisions in desirable areas such as the southeast Valley has doubled since 18 months ago, according to homebuilding-industry analyst Jim Belfiore, president of Belfiore Real Estate Consulting in Phoenix.

That price increase almost nullifies what had been a significant financial advantage for homebuilders to build inside existing subdivisions abandoned by former competitors, Belfiore said.

A finished lot is one in which a significant amount of work has been completed, such as grading, road and curb construction, and the installation of sewer pipes and other utilities.

Rather than developing raw land, as they usually do, homebuilders during the past 18 months have opted to buy finished lots when they have wanted to add a new location.

But the supply of lots either purchased or spoken for by existing homebuilders is nearly depleted, and what remains is now selling at a premium.

Lot prices generally are determined based on the property's width, or "front-footage," Belfiore said. The price per front-foot has gone from as low as $400 to $600 to $1,250, which he said was about what it costs to develop raw land.

It remains unclear whether new subdivisions, conceived while home sales were being supported by federal tax incentives, will be successful.

Still, Belfiore said the new communities have as good a chance as any to thrive.

"Now, it is more viable to purchase raw land and bring it to market," he said.

by J. Craig Anderson The Arizona Republic Sept. 17, 2010 02:36 PM




New subdivisions starting to sprout

New subdivisions starting to sprout

Phoenix-area residents are about to encounter something they haven't seen since the housing boom: grand-opening signs for new communities.

The first of those is at Adora Trails, a 1,900-lot, master-planned community by Taylor Morrison on Riggs Road, between Val Vista and Higley roads, in Gilbert, which opens for business Saturday.

Another subdivision scheduled to open soon is Church Farms, a William Lyon master-planned community of roughly 1,750 lots between Meridian and Signal Butte roads in Queen Creek.

At least three others are scheduled to open before the end of the year, a Phoenix area housing analyst said.

The price of vacant lots inside existing subdivisions in desirable areas such as the southeast Valley has doubled since 18 months ago, according to homebuilding-industry analyst Jim Belfiore, president of Belfiore Real Estate Consulting in Phoenix.

That price increase almost nullifies what had been a significant financial advantage for homebuilders to build inside existing subdivisions abandoned by former competitors, Belfiore said.

A finished lot is one in which a significant amount of work has been completed, such as grading, road and curb construction, and the installation of sewer pipes and other utilities.

Rather than developing raw land, as they usually do, homebuilders during the past 18 months have opted to buy finished lots when they have wanted to add a new location.

But the supply of lots either purchased or spoken for by existing homebuilders is nearly depleted, and what remains is now selling at a premium.

Lot prices generally are determined based on the property's width, or "front-footage," Belfiore said. The price per front-foot has gone from as low as $400 to $600 to $1,250, which he said was about what it costs to develop raw land.

It remains unclear whether new subdivisions, conceived while home sales were being supported by federal tax incentives, will be successful.

Still, Belfiore said the new communities have as good a chance as any to thrive.

"Now, it is more viable to purchase raw land and bring it to market," he said.

by J. Craig Anderson The Arizona Republic Sept. 17, 2010 02:36 PM




New subdivisions starting to sprout

New subdivisions starting to sprout

Phoenix-area residents are about to encounter something they haven't seen since the housing boom: grand-opening signs for new communities.

The first of those is at Adora Trails, a 1,900-lot, master-planned community by Taylor Morrison on Riggs Road, between Val Vista and Higley roads, in Gilbert, which opens for business Saturday.

Another subdivision scheduled to open soon is Church Farms, a William Lyon master-planned community of roughly 1,750 lots between Meridian and Signal Butte roads in Queen Creek.

At least three others are scheduled to open before the end of the year, a Phoenix area housing analyst said.

The price of vacant lots inside existing subdivisions in desirable areas such as the southeast Valley has doubled since 18 months ago, according to homebuilding-industry analyst Jim Belfiore, president of Belfiore Real Estate Consulting in Phoenix.

That price increase almost nullifies what had been a significant financial advantage for homebuilders to build inside existing subdivisions abandoned by former competitors, Belfiore said.

A finished lot is one in which a significant amount of work has been completed, such as grading, road and curb construction, and the installation of sewer pipes and other utilities.

Rather than developing raw land, as they usually do, homebuilders during the past 18 months have opted to buy finished lots when they have wanted to add a new location.

But the supply of lots either purchased or spoken for by existing homebuilders is nearly depleted, and what remains is now selling at a premium.

Lot prices generally are determined based on the property's width, or "front-footage," Belfiore said. The price per front-foot has gone from as low as $400 to $600 to $1,250, which he said was about what it costs to develop raw land.

It remains unclear whether new subdivisions, conceived while home sales were being supported by federal tax incentives, will be successful.

Still, Belfiore said the new communities have as good a chance as any to thrive.

"Now, it is more viable to purchase raw land and bring it to market," he said.

by J. Craig Anderson The Arizona Republic Sept. 17, 2010 02:36 PM




New subdivisions starting to sprout

New subdivisions starting to sprout

Phoenix-area residents are about to encounter something they haven't seen since the housing boom: grand-opening signs for new communities.

The first of those is at Adora Trails, a 1,900-lot, master-planned community by Taylor Morrison on Riggs Road, between Val Vista and Higley roads, in Gilbert, which opens for business Saturday.

Another subdivision scheduled to open soon is Church Farms, a William Lyon master-planned community of roughly 1,750 lots between Meridian and Signal Butte roads in Queen Creek.

At least three others are scheduled to open before the end of the year, a Phoenix area housing analyst said.

The price of vacant lots inside existing subdivisions in desirable areas such as the southeast Valley has doubled since 18 months ago, according to homebuilding-industry analyst Jim Belfiore, president of Belfiore Real Estate Consulting in Phoenix.

That price increase almost nullifies what had been a significant financial advantage for homebuilders to build inside existing subdivisions abandoned by former competitors, Belfiore said.

A finished lot is one in which a significant amount of work has been completed, such as grading, road and curb construction, and the installation of sewer pipes and other utilities.

Rather than developing raw land, as they usually do, homebuilders during the past 18 months have opted to buy finished lots when they have wanted to add a new location.

But the supply of lots either purchased or spoken for by existing homebuilders is nearly depleted, and what remains is now selling at a premium.

Lot prices generally are determined based on the property's width, or "front-footage," Belfiore said. The price per front-foot has gone from as low as $400 to $600 to $1,250, which he said was about what it costs to develop raw land.

It remains unclear whether new subdivisions, conceived while home sales were being supported by federal tax incentives, will be successful.

Still, Belfiore said the new communities have as good a chance as any to thrive.

"Now, it is more viable to purchase raw land and bring it to market," he said.

by J. Craig Anderson The Arizona Republic Sept. 17, 2010 02:36 PM




New subdivisions starting to sprout

New subdivisions starting to sprout

Phoenix-area residents are about to encounter something they haven't seen since the housing boom: grand-opening signs for new communities.

The first of those is at Adora Trails, a 1,900-lot, master-planned community by Taylor Morrison on Riggs Road, between Val Vista and Higley roads, in Gilbert, which opens for business Saturday.

Another subdivision scheduled to open soon is Church Farms, a William Lyon master-planned community of roughly 1,750 lots between Meridian and Signal Butte roads in Queen Creek.

At least three others are scheduled to open before the end of the year, a Phoenix area housing analyst said.

The price of vacant lots inside existing subdivisions in desirable areas such as the southeast Valley has doubled since 18 months ago, according to homebuilding-industry analyst Jim Belfiore, president of Belfiore Real Estate Consulting in Phoenix.

That price increase almost nullifies what had been a significant financial advantage for homebuilders to build inside existing subdivisions abandoned by former competitors, Belfiore said.

A finished lot is one in which a significant amount of work has been completed, such as grading, road and curb construction, and the installation of sewer pipes and other utilities.

Rather than developing raw land, as they usually do, homebuilders during the past 18 months have opted to buy finished lots when they have wanted to add a new location.

But the supply of lots either purchased or spoken for by existing homebuilders is nearly depleted, and what remains is now selling at a premium.

Lot prices generally are determined based on the property's width, or "front-footage," Belfiore said. The price per front-foot has gone from as low as $400 to $600 to $1,250, which he said was about what it costs to develop raw land.

It remains unclear whether new subdivisions, conceived while home sales were being supported by federal tax incentives, will be successful.

Still, Belfiore said the new communities have as good a chance as any to thrive.

"Now, it is more viable to purchase raw land and bring it to market," he said.

by J. Craig Anderson The Arizona Republic Sept. 17, 2010 02:36 PM




New subdivisions starting to sprout