SCOTTSDALE, Ariz., Jan. 8, 2016 /PRNewswire/ -- Taylor Morrison Home Corporation ("Taylor Morrison," NYSE: TMHC), a leading national homebuilder and developer, today announced that it has acquired the operations and homebuilding assets of Acadia Homes & Neighborhoods for approximately $85 million.
Acadia has an excellent reputation, known for its latest design techniques, eco-friendly elements, floor plans and state-of-the-art construction methods. Currently, Acadia has 20 active and planned communities in highly sought after Atlanta submarkets.
"We're thrilled about the acquisition of Acadia and the positive impact it will have on Taylor Morrison, solidifying our position as a top homebuilder in Atlanta, just months after entering the market. Acadia is a well-respected and growing homebuilder that has strong relationships with consumers, land sellers and the realtor community within the Atlanta market," said Taylor Morrison President and CEO, Sheryl Palmer.
"With Acadia joining the Taylor Morrison family, we'll be able to expand our presence in Atlanta, a market that has solid long-term fundamentals and attractive short and mid-term growth prospects. With Acadia's average sales price in the low $400,000s – a complement to our existing market's mid-$200,000 average sales price – this acquisition furthers our goal to diversify our Atlanta consumer base while at the same time staying true to our roots of providing homebuyers the best in quality and customer service."
"Our team is looking forward to joining Taylor Morrison, whose increased operating scale, culture of excellence and dedication to building quality homes makes it a great place to work for our people," said Gregg Goldenberg, president and CEO of Acadia.
More details around the transaction will be provided in our year-end earnings call taking place in February.
About Taylor Morrison
Taylor Morrison Home Corporation (NYSE: TMHC) is a leading national builder and developer based in Scottsdale, Arizona and operates under two well-established brands, Taylor Morrison and Darling Homes. Taylor Morrison builds and develops distinctive communities from coast to coast, serving a wide array of homeowners aimed mainly at first-time, move-up, luxury and 55 or better customers. Darling Homes builds communities in Texas, catering to move-up and luxury homebuyers seeking a personalized building experience.
This press release contains forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to Taylor Morrison's operations and business environment, all of which are difficult to predict and many of which are beyond Taylor Morrison's control.
Taylor Morrison Home Corporation
SOURCE Taylor Morrison