SCOTTSDALE, AZ -- Taylor Morrison Home Corporation, a leading national homebuilder and developer, today announced that it has completed the acquisition of the Charlotte, Raleigh and Chicago operations and homebuilding assets of Orleans Homes for approximately $166 million.
Orleans Homes is a homebuilder known for well-designed homes and communities developed with attention to detail and quality. Under the terms of the transaction, Taylor Morrison has acquired operations in three of the seven markets where Orleans Homes currently operates. The Charlotte, Raleigh and Chicago businesses currently represent more than half of the Orleans Homes portfolio and consist of 24 communities and approximately 2,100 owned and controlled lots in sought after locations. The acquired businesses will transition to the Taylor Morrison brand over the coming months.
The remaining Orleans divisions will continue to operate under the ownership of Orleans Homes.
"We are so pleased to welcome these Orleans team members into the Taylor Morrison family," said Taylor Morrison President and CEO, Sheryl Palmer. "Consistent with our focus on building quality homes in core locations, these Orleans businesses are in high-growth areas where consumers want to live, aligning with our strategic priorities. Together, we'll be able to expand on the Orleans platform and enhance its reach within these specific markets, while at the same time diversifying our consumer base. Today's announcement further supports Taylor Morrison's strategy to grow our U.S. footprint."
"Taylor Morrison has always been the buyer of choice for our Orleans Charlotte, Raleigh and Chicago businesses," said Alan Laing, CEO of Orleans Homes. "Their great culture, strong leadership team and solid business values are an excellent fit for those divisions."
For more information about Taylor Morrison and Darling Homes, please visit www.taylormorrison.com or www.darlinghomes.com.