Taylor Morrison, the sixth largest home builder in the nation, sold 232 of its suburban lots to a competitor, effectively pulling out of the Chicago market. Due to a slow market, the company was selling only one-fourth of what home builders would consider to be a healthy amount per subdivision. M/I Homes bought the lots located in eight subdivisions, and although Chicago’s home sales growth continues to lag behind the national average, M/I Homes believes that this is a business opportunity that will benefit the company by expanding its geographical reach.
A national homebuilding firm exited the Chicago-area market, selling 232 suburban lots to a competitor.
Taylor Morrison sold the lots, in eight subdivisions, to M/I Homes, both companies confirmed. The sale included model homes at four of the subdivisions.
Terms of the Jan. 31 deal are not being released, said Rick Champine, M/I’s Chicago-area president.
“We made the difficult decision to sell a substantial composition of our assets to M/I Homes,” Erik Heuser, chief operating officer and executive vice president at Taylor Morrison, said in an email. “We do not plan on any future developments in the Chicagoland market in the foreseeable future.”