Toll Brothers announced its entry into the Seattle market through the acquisition of substantially all the assets and operations of CamWest Development, one of the largest privately-held home-building companies in the Pacific Northwest. The purchase price, which was not disclosed, was paid in cash.
CamWest develops a variety of home types, including luxury single-family homes, condominiums, and townhomes, throughout the Seattle metropolitan area, primarily in King and Snohomish Counties. Its homes typically sell from the mid-$300,000s to $700,000s, with some homes selling for over $1 million. The average price of its homes currently in backlog is approximately $500,000. For calendar year 2011, CamWest anticipates delivering approximately 180 homes and producing revenues of approximately $90 million.
In addition to its existing backlog, the assets acquired by Toll Brothers include approximately 1,300 lots owned and 200 lots controlled in King and Snohomish Counties. The acquisition will increase Toll Brothers' selling communities count by approximately 15 communities. Toll Brothers expects the acquisition to be accretive in FY 2012.
For more information: www.tollbrothers.com.