Luxury homebuilder Toll Brothers is adding thousands of California building lots to its portfolio by acquiring the homebuilding business of Beverly Hills–based Shapell Industries in a $1.6 billion cash deal announced Thursday.
Horsham, Pennsylvania–based Toll Brothers is a leading designer and builder of luxury single-family and attached homes, with operations in 19 states, including California. By acquiring real estate developer Shapell’s land portfolio, Toll Brothers is adding roughly 5,200 building lots spread across high-growth California markets in the Carlsbad, Los Angeles, Orange County and San Francisco Bay area markets.
