Toll Brothers Inc., a luxury homebuilder, announced its entry into the Seattle market through the acquisition of substantially all of the assets and operations of CamWest Development LLC, one of the largest privately held homebuilding 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. The firm has been recognized by the homebuilding industry through various awards for innovation in housing, green building practices, and excellence in marketing. Its homes typically sell from the mid $300,000s to $700,000s, with some homes selling for more than $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 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.
“We are excited to enter the Seattle market with the acquisition of CamWest,” stated Douglas Yearley Jr., chief executive officer for Toll Brothers. “It is one of the premier luxury homebuilders in the region with a long history of delivering exceptional quality and value to its homeowners. Seattle is a high barrier-to-entry home building market with a robust employment base and a concentration of affluence. Eric Campbell and the CamWest team provide a great management platform with a strong land position and well-established relationships with local land sellers and subcontractors.”
Toll Brothers began business in and operates in 20 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia, and Washington.