Toll Bros Paying $1.6B for Shapell Industry's Home Business

SAN FRANCISCO-Home builder Toll Bros. has agreed to purchase the homebuilding business of Shapell Industries for $1.6 billion. That business primarily consists primarily of 5,200 sites, mostly entitled, in affluent coastal California markets, including the Bay Area, Los Angeles, Orange County and Carlsbad, according to the San Francisco Chronicle website.

In the Bay Area, the deal includes 1,500 lots at Shapell’s Gale Ranch master-planned community in San Ramon, 350 lots at Alamo Creek in Danville, and a few dozen lots in Gilroy, San Jose and Orinda. In Southern California, Porter Ranch in Los Angeles with more than 1,700 lots is the largest community included.