HORSHAM, Pa., May 20, 2019 (GLOBE NEWSWIRE) -- Toll Brothers, Inc., (NYSE:TOL) (www.tollbrothers.com), the nation’s leading builder of luxury homes, today announced its expansion into the Atlanta, Georgia market through the acquisition of Sharp Residential, one of the largest private home building companies in Atlanta. The purchase price was paid in cash.
Sharp Residential was founded in 1991 by Tom Sharp and has delivered over 5,000 homes in the Atlanta market since inception. The Company focuses primarily on the area’s northern suburbs with homes ranging from first-time to luxury at price points from the $300,000s to the $900,000s. At the date of acquisition, the Company had approximately $65 million in backlog consisting of 125 homes with an average price of $520,000.
Including the existing backlog, Toll Brothers acquired approximately 900 lots owned and controlled in the Atlanta MSA. The acquisition will increase Toll Brothers’ selling community count by approximately 10 communities as of the closing date.
Douglas C. Yearley, Jr., Toll Brothers’ chairman and chief executive officer, stated: “Atlanta was the largest U.S. housing market where we did not operate. We believe joining with Sharp Residential is the ideal way for us to enter and grow quickly in this robust market. As one of Atlanta’s premier homebuilders, the diversity of their product lines will enable us to offer a broad range of communities to the upscale market. We are confident that their experienced management team, great land positions, reputation for fine quality homes, and long-established local relationships will be a formula for our success in the Atlanta market. Given the size, depth and demographics of this market, we are very excited with the opportunities ahead.”
Tom Sharp, founder and president of Sharp Residential, stated: “Based on our nearly thirty years building homes and serving customers in the Atlanta market, we see significant opportunity for continued growth as we join the Toll Brothers family. We are confident that our knowledge of and reputation in the market, combined with Toll Brothers’ great brand and resources, will enable us, together, to grow and succeed in the Atlanta market. We look forward to an exciting future as a member of the Toll Brothers team.”
Zelman Partners LLC acted as exclusive financial advisor to Sharp Residential.
Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company began business over fifty years ago 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, as well as urban and suburban renters. It operates in 22 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia.
Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries. Toll Brothers also operates its own security company, TBI Smart Home Solutions, which also provides homeowners with home automation and technology options. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital.
In 2019, Toll Brothers was named World’s Most Admired Home Building Company in Fortune magazine’s survey of the World’s Most Admired Companies, the fifth year in a row it has been so honored. 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 www.tollbrothers.com.
Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.tollbrothers.com).
