Toll Brothers enters Seattle market
Luxury home builder Toll Brothers has announced the acquisition 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.
This acquisition expands Toll Brothers territory into the Seattle market. Douglas Yearley Jr., Toll Brothers' CEO, described CamWest as, “one of the premier luxury home builders 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.”
CamWest develops a variety of home types, including luxury single-family homes, condominiums and town homes, throughout the Seattle metropolitan area, primarily in King and Snohomish Counties. The firm has been recognized by the home-building 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.
The company was established in 1989 by Eric Campbell and has delivered more than 2,800 homes in the Seattle market since then. For calendar year 2011, CamWest anticipates delivering approximately 180 homes and producing revenues of approximately $90 million.
In addition to the 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.