Toll Brothers Inc., a Horsham, Pa.-based builder of luxury homes, has acquired CamWest Development LLC, a leading home building company in the Pacific Northwest. The purchase price, which was not disclosed, was paid in cash.
According to a press statement issued by Toll Brothers, CamWest develops a variety of home types, including luxury single-family homes, condominiums, and townhomes, throughout the Seattle metropolitan area. The firm's homes typically sell for between the $300,000 and $700,000, with some homes selling for over $1 million; the average price of its homes currently in backlog is approximately $500,000. For 2011, CamWest anticipates delivering approximately 180 homes and producing revenues of approximately $90 million. Â
Douglas C. Yearley Jr., CEO of Toll Brothers, says that the acquisition will help his company enter the lucrative Seattle market.
‘Seattle is a high barrier-to-entry home building market with a robust employment base and a concentration of affluence,’ says Yearley. ‘The CamWest team provides a great management platform with a strong land position and well-established relationships with local land sellers and subcontractors.’