SAN FRANCISCO-Home builder Toll Bros. has agreed to purchase the homebuilding business of Shapell Industries for $1.6 billion. That business primarily consists primarily of 5,200 sites, mostly entitled, in affluent coastal California markets, including the Bay Area, Los Angeles, Orange County and Carlsbad, according to the San Francisco Chronicle website.
In the Bay Area, the deal includes 1,500 lots at Shapell's Gale Ranch master-planned community in San Ramon, 350 lots at Alamo Creek in Danville, and a few dozen lots in Gilroy, San Jose and Orinda. In Southern California, Porter Ranch in Los Angeles with more than 1,700 lots is the largest community included.
"The tremendous land portfolio that the Shapell family has amassed over decades in California presents an amazing opportunity for Toll Bros.," Toll CEO Douglas Yearley said in a statement.
More than 97% percent of the Shapell sites are entitled.
Click SFGate to read the full story.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.