Toll Closes Shappell Deal with $1.6B

CALIFORNIA-Toll Brothers, Inc., the nation’s leading builder of luxury homes, has completed its acquisition of the homebuilding operations of Shapell Industries, LLC, a premier private California land development and home building company, for approximately $1.6 billion in cash.

The purchase includes approximately 5,200 home sites, 97.5% of which are entitled, in established coastal California communities. This land was assembled by Shapell over many decades in many of Northern and Southern California’s most affluent and high-growth markets: the San Francisco Bay area, metro Los Angeles, Orange County and the Carlsbad market.