LOS ANGELES, Calif. – U.S. 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.
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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.
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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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