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Toll Brothers (TOL) Opens Luxury Community Westerly in Texas

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Toll Brothers Inc.’s (TOL - Free Report) rental subsidiary Toll Brothers Apartment Living and partner Canyon Partners Real Estate recently announced the opening of a new home community – Westerly – a luxurious multi-dwelling unit comprising 331 apartments, in Dallas, TX.

Westerly is situated in the neighborhood of West Dallas. The community offers studio, single, double and triple bedroom plans. Westerly apartments consist of home features quartz countertops, stainless steel appliances, wood-style flooring in living areas, LED bathroom mirror lighting, smart thermostat, keyless entry, including personal in-home WiFi, and HD local channel package.

Being located in Dallas, Westerly is minutes away from all the shopping, dining and entertainment options. Also, the community is in close proximity to local activity hubs, which include views atop reunion tower, hiking and biking at trinity overlook park, delicious cuisine at Trinity Groves and entertainment at Kessler Theatre.

With respect to this, Charles Elliott, President, Toll Brothers Apartment Living, stated, “Westerly leased over 100 units in less than two months, which speaks to the quality of our residences and the incredible customer service we provide at each of our communities.”

Focus on Affordable Luxury Offerings Drives Growth

Toll Brothers mostly offers luxury homes and its communities are located in prosperous suburban areas with easy access to major cities. Luxury communities in desirable locations in both high-growth and high barrier-to-entry markets where its tremendous brand, broad range of home price points and unique build-to-order model lend it a competitive advantage. Luxury homes generally face limited competition.

The company continues to look for opportunities to expand its luxury brand to new product lines and price points in a bid to maintain leadership in the luxury segment. At the same time, the company has been strategically adding more affordable luxury communities in view of the current demographic trends, and expanding footprint and customer base. These communities are expected to be more capital efficient.

Shares of Toll Brothers have gained 36.7% so far this year compared with the Zacks Building Products - Home Builders industry’s 25.8% growth. The upside is likely to continue, given robust demand owing to solid U.S. housing market fundamentals and lack of competition in the luxury new home market and buyout synergies.

Zacks Rank & Key Picks

Currently, Toll Brothers carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the same industry include Beazer Homes USA, Inc. (BZH - Free Report) , PulteGroup, Inc. (PHM - Free Report) and Century Communities, Inc. (CCS - Free Report) , each carrying a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Beazer Homes’ earnings for fiscal 2021 are expected to rise 58.7%. Century Communities and PulteGroup’s earnings for 2021 are expected to grow 88.6% and 47.1%, respectively.

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