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Toll Brothers (TOL) Buys StoryBook, Boosts Las Vegas Presence
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Toll Brothers, Inc. (TOL - Free Report) has acquired a Las Vegas, NV-based privately-held homebuilder, StoryBook Homes, thereby strengthening foothold in the Las Vegas housing market. Financial terms of the transaction have been still kept under wraps.
In this regard, Gary Mayo, group president of Toll Brothers in Nevada, said, “This acquisition presents an exciting opportunity to quickly add to our already fast-growing Las Vegas operations, while further diversifying our new home offerings and price points in the market.”
StoryBook Homes has five active selling communities and owns or controls more than 550 lots in the market. It majorly serves first-time and move-up homebuyers with price points ranging from mid-$200,000s to more than $600,000. Since its inception, StoryBook Homes has constructed more than 1,700 homes in Las Vegas.
Toll Brothers currently constructs 16 luxury home communities in the most looked-for locations of Las Vegas. Its starting home prices range from the upper $400,000s to more than $1.3 million. With the addition of StoryBook Homes, Toll Brothers marks the completion of 14 homebuilder acquisitions since 1995.
Efforts to Boost Presence
The company has been expanding geographically via selective acquisitions. In September 2020, Toll Brothers expanded into the Colorado Springs market through the acquisition of Keller Homes, one of the top private home building companies in Colorado Springs. Colorado Springs is a dynamic housing market, which complements Toll Brothers’ operations in metro Denver and Fort Collins. The said market is rated as “#1 Hottest U.S. Housing Market” by USA Today and #3 “Best Place to Live” by U.S. News & World Report in 2020 and 2019, respectively. Importantly, Toll Brothers has also acquired the rights to purchase more than 300 lots that Keller controls throughout Colorado Springs.
Given significant pent up housing demand, 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. Toll Brothers is using its strong liquidity position to secure the most sought-after urban locations in the country like New York City Market, Northern New Jersey, Washington DC and Philadelphia. The company’s solid land position places it well to meet the growing demand in these regions, thus giving it a competitive edge over peers who are presently facing land availability constraints.
Image Source: Zacks Investment Research
Shares of this luxury homebuilder have gained 39.2% year to date, outperforming the Zacks Building Products - Home Builders industry’s 23% rally. The company — which currently carries a Zacks Rank #3 (Hold) — has been benefiting from a favorable housing backdrop, lack of competition in the luxury new home market and buyout synergies. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Rising building materials and labor costs are growing concerns for Toll Brothers as well as for other homebuilders like Lennar (LEN - Free Report) , PulteGroup (PHM - Free Report) , and D.R. Horton (DHI - Free Report) .
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Toll Brothers (TOL) Buys StoryBook, Boosts Las Vegas Presence
Toll Brothers, Inc. (TOL - Free Report) has acquired a Las Vegas, NV-based privately-held homebuilder, StoryBook Homes, thereby strengthening foothold in the Las Vegas housing market. Financial terms of the transaction have been still kept under wraps.
In this regard, Gary Mayo, group president of Toll Brothers in Nevada, said, “This acquisition presents an exciting opportunity to quickly add to our already fast-growing Las Vegas operations, while further diversifying our new home offerings and price points in the market.”
StoryBook Homes has five active selling communities and owns or controls more than 550 lots in the market. It majorly serves first-time and move-up homebuyers with price points ranging from mid-$200,000s to more than $600,000. Since its inception, StoryBook Homes has constructed more than 1,700 homes in Las Vegas.
Toll Brothers currently constructs 16 luxury home communities in the most looked-for locations of Las Vegas. Its starting home prices range from the upper $400,000s to more than $1.3 million. With the addition of StoryBook Homes, Toll Brothers marks the completion of 14 homebuilder acquisitions since 1995.
Efforts to Boost Presence
The company has been expanding geographically via selective acquisitions. In September 2020, Toll Brothers expanded into the Colorado Springs market through the acquisition of Keller Homes, one of the top private home building companies in Colorado Springs. Colorado Springs is a dynamic housing market, which complements Toll Brothers’ operations in metro Denver and Fort Collins. The said market is rated as “#1 Hottest U.S. Housing Market” by USA Today and #3 “Best Place to Live” by U.S. News & World Report in 2020 and 2019, respectively. Importantly, Toll Brothers has also acquired the rights to purchase more than 300 lots that Keller controls throughout Colorado Springs.
Given significant pent up housing demand, 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. Toll Brothers is using its strong liquidity position to secure the most sought-after urban locations in the country like New York City Market, Northern New Jersey, Washington DC and Philadelphia. The company’s solid land position places it well to meet the growing demand in these regions, thus giving it a competitive edge over peers who are presently facing land availability constraints.
Image Source: Zacks Investment Research
Shares of this luxury homebuilder have gained 39.2% year to date, outperforming the Zacks Building Products - Home Builders industry’s 23% rally. The company — which currently carries a Zacks Rank #3 (Hold) — has been benefiting from a favorable housing backdrop, lack of competition in the luxury new home market and buyout synergies. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Rising building materials and labor costs are growing concerns for Toll Brothers as well as for other homebuilders like Lennar (LEN - Free Report) , PulteGroup (PHM - Free Report) , and D.R. Horton (DHI - Free Report) .