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Toll Brothers Partners Loudoun Freedom Center for Mercer Crossing
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Toll Brothers, Inc. (TOL - Free Report) has partnered with the Loudoun Freedom Center to develop a 108-acre Mercer Crossing community. The community — which is located at Route 7 and Belmont Ridge Road in Ashburn, Loudoun County, VA — will include a diverse range of residential, retail, civic as well as public open space. Notably, an additional four acres of land will be donated by Toll Brothers for the build out of its facilities.
Named after an abolitionist and educator Margaret Mercer (1791-1846), the Mercer Crossing development plans also include preservation of trees and multiple streams running through the property. Importantly, the construction of Russell Branch Parkway within the community will help commuters mitigate traffic from Belmont Ridge Road to Claiborne Parkway.
Eric Anderson, Division President of Toll Brothers in the Washington, DC metro area, said “Mercer Crossing will provide much needed housing, retail and open space for the community, while preserving and enhancing the important history of this land in partnership with Pastor Michelle and the Loudoun Freedom Center.”
Currently, the plans have been submitted to Loudoun County for review, and are contingent upon the successful rezoning of the property and such necessary approvals from the Loudoun County Board of Supervisors.
Solid Expansion Spree
Toll Brothers has secured some of the most sought-after urban locations in the country, where land is scarce and approvals are not easy to obtain. The company has been expanding geographically via opening new communities and selective acquisitions.
Toll Brothers has been focusing on expanding reach in new and existing locations. To that end, it recently unveiled Regency at Folsom Ranch — an amenity-rich, 55+ active-adult community set — in California. Also, it has opened its first luxury townhome community — Tremont Station — in Charlotte, N.C.
Toll Brothers’ extensive geographic footprint and deep land position will allow it to grow its community count in fiscal 2021 and 2022, attributable to faster-than-anticipated sale of existing communities. Management is now targeting community count growth of 310 in third-quarter fiscal 2021 and 340 in fiscal 2021, which will reflect accelerating land acquisition and development to meet the resurgence in homebuyer demand.
Favorable Housing Markets Bode Well
Owing to favorable housing market fundamentals, Toll Brothers has witnessed a rise in consumer demand, which in turn drove new orders. For second-quarter fiscal 2021, its net signed contracts or orders were up 84.9% year over year. Also, backlog grew 57.2% year over year to 10,104 homes.
Image Source: Zacks Investment Research
Demand for new single-family homes has been accelerating throughout the country and Toll Brothers is not an exception. A combination of lower interest rates and rising need for more work-at-home space positively impacted affordability, thereby helping the company deliver solid performance.
Shares of Toll Brothers have gained 31.8% in the year-to-date period compared with the industry's 16.6% rally. The upside is likely to continue, given accretive acquisitions, its focus on affordable luxury communities and solid housing market backdrop.
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Image: Bigstock
Toll Brothers Partners Loudoun Freedom Center for Mercer Crossing
Toll Brothers, Inc. (TOL - Free Report) has partnered with the Loudoun Freedom Center to develop a 108-acre Mercer Crossing community. The community — which is located at Route 7 and Belmont Ridge Road in Ashburn, Loudoun County, VA — will include a diverse range of residential, retail, civic as well as public open space. Notably, an additional four acres of land will be donated by Toll Brothers for the build out of its facilities.
Named after an abolitionist and educator Margaret Mercer (1791-1846), the Mercer Crossing development plans also include preservation of trees and multiple streams running through the property. Importantly, the construction of Russell Branch Parkway within the community will help commuters mitigate traffic from Belmont Ridge Road to Claiborne Parkway.
Eric Anderson, Division President of Toll Brothers in the Washington, DC metro area, said “Mercer Crossing will provide much needed housing, retail and open space for the community, while preserving and enhancing the important history of this land in partnership with Pastor Michelle and the Loudoun Freedom Center.”
Currently, the plans have been submitted to Loudoun County for review, and are contingent upon the successful rezoning of the property and such necessary approvals from the Loudoun County Board of Supervisors.
Solid Expansion Spree
Toll Brothers has secured some of the most sought-after urban locations in the country, where land is scarce and approvals are not easy to obtain. The company has been expanding geographically via opening new communities and selective acquisitions.
Toll Brothers has been focusing on expanding reach in new and existing locations. To that end, it recently unveiled Regency at Folsom Ranch — an amenity-rich, 55+ active-adult community set — in California. Also, it has opened its first luxury townhome community — Tremont Station — in Charlotte, N.C.
Toll Brothers’ extensive geographic footprint and deep land position will allow it to grow its community count in fiscal 2021 and 2022, attributable to faster-than-anticipated sale of existing communities. Management is now targeting community count growth of 310 in third-quarter fiscal 2021 and 340 in fiscal 2021, which will reflect accelerating land acquisition and development to meet the resurgence in homebuyer demand.
Favorable Housing Markets Bode Well
Owing to favorable housing market fundamentals, Toll Brothers has witnessed a rise in consumer demand, which in turn drove new orders. For second-quarter fiscal 2021, its net signed contracts or orders were up 84.9% year over year. Also, backlog grew 57.2% year over year to 10,104 homes.
Demand for new single-family homes has been accelerating throughout the country and Toll Brothers is not an exception. A combination of lower interest rates and rising need for more work-at-home space positively impacted affordability, thereby helping the company deliver solid performance.
Shares of Toll Brothers have gained 31.8% in the year-to-date period compared with the industry's 16.6% rally. The upside is likely to continue, given accretive acquisitions, its focus on affordable luxury communities and solid housing market backdrop.
Zacks Rank
Toll Brothers — which shares space with PulteGroup, Inc. (PHM - Free Report) , M.D.C. Holdings, Inc. (MDC - Free Report) and D.R. Horton, Inc. (DHI - Free Report) in the same industry — currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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