Business/Finance

Toll Brothers acquires Seattle area homebuilder

Monday, November 21, 2011
Toll Brothers

A sign for Toll Brothers is seen outside their offices in Horsham, Pa., Tuesday, June 3, 2008. Toll Brothers says hefty write-downs on the value of land joint ventures drove the luxury homebuilder to a second-quarter loss, but results topped Wall Street expectations. (AP Photo/Matt Rourke) (AP Photo / AP Photo/Matt Rourke)

Luxury homebuilder Toll Brothers Inc. is expanding into a new state for the first time since the days of the housing boom.

The Horsham, Pa.-based company said Monday it bought Seattle builder CamWest Development LLC for an undisclosed price.

Toll Brothers CEO Douglas Yearley Jr. says the move does not represent the start of a broader expansion push by the builder, which has operations in 20 states.

He says Toll had been eyeing the Seattle market for years.

The CamWest deal gains Toll established operations in a new market and a portfolio of some 1,300 or so land parcels.

Toll says the acquisition will add to its earnings in fiscal year 2012.

The company's shares rose 12 cents to $18.98 in afternoon trading.

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home sales, seattle, business/finance
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