NAPERVILLE, IL - M/I Homes of Chicago today announced it has expanded its Chicago-area portfolio with the acquisition of un-started land assets owned by the Chicago division of Taylor Morrison. The land assets acquired include a total of 228 entitled home sites plus four model homes (totaling 232 lots) across the following eight communities:
- Four home sites at Ashwood Creek, a community of single-family homes in Naperville
- 10 home sites and one model/inventory home at High Pointe, a community of ranch villas in Hawthorn Woods
- 30 home sites and one model home at Lincolnshire Trails, a community of two-story townhomes and ranch villas in Lincolnshire
- 106 home sites at Meadow Square, representing all home sites in the townhome community in Rolling Meadows
- 15 home sites and one model home at Riverbank Crossing, a townhome community in Geneva
- 16 home sites at Sigwalt 16, representing all home sites at the townhome community in downtown Arlington Heights
- 35 home sites and one model home at Tallgrass, a single-family home community in Lake Barrington
- 12 home sites at Wineberry, a community of single-family homes in Libertyville
“Coming off our best fourth quarter since entering the Chicago market, the opportunity to acquire these home sites from Taylor Morrison came at the perfect time as it allows us to grow our presence in the area without any overlap from our existing communities,” said Rick Champine, area president of M/I Homes. Champine joined M/I Homes in October 2019 from Taylor Morrison, where he was Chicago division president for three years.
The acquisition entails only entitled raw land and home sites not under construction, as well as four model homes. “M/I Homes has such a strong presence in Chicago that some people may forget we started out here in 2007 by building in previously owned communities,” said Champine. “This is very familiar territory that we have a proven track record of navigating successfully. Our goal is to preserve the original vision of these communities and essentially pick up where Taylor Morrison left off, so it will be a seamless transition for existing residents.”
For two communities included in the transaction, M/I Homes acquired all home sites: Sigwalt 16 in downtown Arlington Heights, which is raw land; and Meadow Square in Rolling Meadows, which is under land development. “With these communities in particular, it’s great to come in pretty much from square one and be the builder working with buyers there from start to finish,” said Champine.
Cheryl Bonk, vice president of sales and marketing for M/I Homes, noted that while new-home sales in the Chicago market were relatively flat overall in 2019, M/I Homes of Chicago had a record fourth quarter, surpassing the division’s business plan metrics.
“The spring selling season has started early, and we feel like our locations, price points and floor plans put us in a position to really execute exceptionally well for 2020,” Bonk said. “In particular, the new communities we’ve gained through this acquisition extend our reach into some of the northern suburbs where we’ve seen tremendous interest from buyers in the last few years. It’s very exciting for us to broaden our footprint and add new layers to the product type and price points we already offer homebuyers.”
For more information, visit www.mihomes.com/chicago