the largest land contract for the national home builder since entering the Houston market
Houston, Texas (PRWEB) November 28, 2012
Horsham, PA, (November 27, 2012) – Toll Brothers, Inc. (NYSE:TOL), the nation’s leading builder of luxury homes and four-time Texas Builder of the Year, recently purchased 692 acres in Montgomery County, the largest land contract for the national home builder since entering the Houston market in 2009. Toll Brothers worked with Cernus Development to complete this successful transaction.
The property, known as the Vaughan tract, will be the future home of approximately 1,350 luxury homes. The Company has estimated development to start in 2014.
“This strategic acquisition demonstrates our strong belief in the long term housing demand in North Houston,” said Karl Mistry, Houston Division President. “It also reflects our continued interest in securing local sites suitable for luxury homes to propel our future growth in Houston,” he added.
In the three years since entering the Houston market, Toll Brothers successfully purchased lot options and has opened for sale in ten master plan communities – Village of Tupelo Woods at Creekside Park, Village of Timarron at Creekside Park, Player Vista at Sterling Ridge in The Woodlands; Creekside at West Ranch in Friendswood; Riverstone in Sugar Land; Sienna Plantation – The Heights & The Sanctuary and Lake Olympia – Flamingo Island in Missouri City; Barrington in Kingwood; Vintage Lakes in Houston; and Towne Lake – Vista Shores in Cypress – and will soon open for sale in three communities in Katy – The Reserve at Katy, its first land deal in Houston, and Cinco Ranch – Ironwood Estates and Sycamore Meadow.
Toll Brothers is also building luxury home communities in Dallas and San Antonio, two other thriving Texas cities. For more information on Toll Brothers’ Texas communities, please visit TollBrothers.com/Texas .
Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves move-up, empty-nester, active-adult, and second-home buyers and operates nationwide.
Toll Brothers builds luxury single-family detached and attached home communities; master planned luxury residential, resort-style golf communities; and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, and landscape subsidiaries. The Company also operates its own lumber distribution, and house component assembly and manufacturing operations.
The Company was named 2012 Builder of the Year by Professional Builder magazine (http://www.housingzone.com) and becomes the first builder to win this honor twice. Toll Brothers is honored to have won two other coveted awards in the home building industry as well: America’s Best Builder and the National Housing Quality Award. The Company was also ranked #1 in 2011 and 2010 in Financial Soundness, Long-Term Investment, and Quality of Products/Services in FORTUNE magazine‘s annual World’s Most Admired Companies survey in the home building category.
Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers - Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit TollBrothers.com.
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