Toll Brothers Acquires 692 Acres for First Master Plan Community in North Houston, Texas
Toll Brothers (NYSE: TOL), the nation's leading builder of luxury homes and four-time Texas Builder of the Year, recently purchased 692 acres in Montgomery County, the largest land contract for the national home builder since entering the Houston market in 2009. Toll Brothers worked with Cernus Development to complete this successful transaction.
The property, known as the Vaughan tract, will be the future home of approximately 1,350 luxury homes. The Company has estimated development to start in 2014.
“This strategic acquisition demonstrates our strong belief in the long term housing demand in North Houston,” said Karl Mistry, Houston Division President. “It also reflects our continued interest in securing local sites suitable for luxury homes to propel our future growth in Houston,” he added.
In the three years since entering the Houston market, Toll Brothers successfully purchased lot options and has opened for sale in ten master plan communities – Village of Tupelo Woods at Creekside Park, Village of Timarron at Creekside Park, Player Vista at Sterling Ridge in The Woodlands; Creekside at West Ranch in Friendswood; Riverstone in Sugar Land;