Taylor Morrison Home Corporation (NYSE: TMHC), Scottsdale, on Tuesday announced the closing of its acquisition of AV Homes (NASDAQ: AVHI).

The acquisition involves a purchase multiple of approximately 1x book based on implied value of total consideration at closing and enhanced scale in five overlapping markets: Orlando, Phoenix, Charlotte, Raleigh and Dallas-Ft. Worth, and the addition of Jacksonville. The combined company will hold a top five position in six markets and top 10 in 14 markets and 55-plus land positions in Orlando, Phoenix and Raleigh. It also provides the company with the opportunity for growth into the more affordable, first-time buyer segment.