Fort Worth equity firm TPG invests $135 million in AV Homes of Arizona

Posted Thursday, Jun. 20, 2013  comments  Print Reprints

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Fort Worth-based TPG, a private equity firm, is investing $135 million in AV Homes, a Scottsdale, Ariz., developer of active adult and conventional home communities in Arizona and Florida.

In a prepared statement, AV Homes said it will use the money to accelerate building in existing and new housing markets.

“We’re delighted that a renowned global private investment firm such as TPG has confidence in our vision, and in our ability to execute that vision, as the housing industry continues its recovery,” said Roger Cregg, the company’s chief executive officer.

AV Homes said it has worked to reposition the company over the past couple of years as the home-building industry recovers. The company operates in Phoenix, and in central and south Florida, primarily operating communities designed for people 55 and older.

Kelvin Davis, a TPG senior partner, said in a prepared statement that AV Homes has established a strong platform for growth.

“The company is well-positioned to participate in the ongoing recovery of the housing market, with real estate assets located in two healthy and growing Sun Belt markets,” Davis said.

TPG’s investment, announced on Wednesday, gives it a 41.9 percent stake, AV Homes said. Shares of AV Homes fell 83 cents, or 4.73 percent, on Thursday to close at $16.70.

In February, TPG agreed to buy Assisted Living Concepts, a Wisconsin-based operator of senior-living residents, for $278 million, according to, a website which reports on private equity fund investing.

In 2011, TPG partnered with Oaktree Capital Management to buy Taylor Morrison, the North American arm of UK home builder Taylor Wimpey, for $1.1 billion. The partnership took Taylor Morrison public in April, said.

Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST

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