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Scottsdale, Arizona-based residential builder and developer Taylor Morrison Home Corp. has acquired Pyatt Builders, a Carmel-based firm that has consistently ranked among the 10 largest homebuilders in the Indianapolis area in recent years.
Todd Pyatt founded Pyatt Builders in 2009. He will continue to lead Taylor Morrison’s Indiana division at Pyatt Builders’ headquarters at 630 Third Ave. SW in Carmel.
Pyatt told IBJ that Taylor Morrison also acquired about 1,500 lots around the Indianapolis metropolitan area as part of the deal. The lots are in Danville, Decatur Township, Fishers, Franklin Township, McCordsville, Mooresville, Noblesville, Pittsboro, Plainfield, Shelbyville and Warren Township.
Taylor Morrison, one of the nation’s largest home builders, reported a $769 million profit in fiscal 2023 on $7.4 billion in revenue. The builder sold almost 11,500 new homes last year at an average price of $623,000.
“Their objectives were to come into the market and really look for some significant growth, which from my perspective, for Pyatt Builders, is something that having some of those resources to be able to grow and expand is exciting,” he said.
Pyatt retained his team of about 50 employees, and he told IBJ the acquisition means he will be able to expand his employee count. Financial terms of the deal, which closed April 29, were not disclosed.
Pyatt Builders was the sixth-busiest homebuilder in central Indiana in 2022, according to IBJ research, with 256 permit filings. Over the past 15 years, the company has built about 1,500 houses serving first-time and move-up buyers in 13 central Indiana communities.
Pyatt said the acquisition will allow him to put a focus on building houses in Hamilton County, where Pyatt Builders did not have much of a foothold.
“We’ve got a couple of smaller communities there now, but it’s a good opportunity to grow in those areas, and really to continue that product expansion and focus on the depth of the market throughout Indiana,” he said.
Taylor Morrison formed in 2007 through a merger of Taylor Woodrow and Morrison Homes.
Before its expansion into Indiana, Taylor Morrison operated in Arizona, California, Colorado, Florida, Georgia, Nevada, North Carolina, Oregon, Texas and Washington with a focus on building first-time, mid-market and resort-style housing.
The Scottsdale, Arizona-based company has been named America’s Most Trusted Home Builder by Newport Beach, California-based Lifestory Research for the past nine years.
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Wow! 11,500 homes at an average of $623K, and they call them starters and move ups. They’ve been going gangbusters out here in far southeast Warren, but not at that price range. Good luck!
Keep in mind California, Oregon, Washington, and Colorado are some of the most expensive places to build. Pyatt has operated at much better Indiana price points and likely will continue. Todd is widely known in the residential business as a great builder and a great person. As quoted, this will allow them to continue their business as usual while also expanding in the higher price communities of Westfield, Noblesville, Fishers, and Carmel.
They are any different than the other mass-producing house builders in mowing down acres of woods just to make a profit. Not caring what it does the ecological system.
I hear what you’re saying but it’s Indiana so probably more like acres of farmland in most cases. Additionally, it’s not “just to make a profit” They are providing more housing which is desperately needed in the metro area.