Toll Brothers buys 100 acres in Arizona for $25M

Pennsylvania-based homebuilder Toll Brothers is planning to build 81 homes at Storyrock in Scottsdale, Arizona, following the $24.7 million purchase of 100 acres at the luxury master-planned community.

It’s the largest homebuilder sale in terms of price since last May, the Phoenix Business Journal reported, citing Storyrock Development Vice President Chase Emmerson. 

Nate Nathan, Dan Baldwin, Ryan Duncan and Joe Colucci of Scottsdale-based Nathan & Associates negotiated the deal. 

The homes will be built on an average of 1 acre, with some homes being built on lots of 3 or more acres, Bob Flaherty, group president of Toll Brothers in Arizona, told the outlet. Construction of the homes, Flaherty said, would begin around fall 2024, with their completion set for that winter.

The homes will be either from the firm’s Estate (four floor plans ranging between 4,150 and 5,300 square feet) or Manor (five floor plans ranging from 3,300 to 4,200 square feet) collections. Toll Brothers did not release estimated prices for the homes.

It’s not the only luxury community Toll Brothers plans on developing. The company also announced last week that it’s building Riverbend by Toll Brothers in the James Island area of Charleston, South Carolina. 

That community will feature just 21 single family homes of about 2,200 to 3,400 square feet, according to a press release. 

Community amenities will include a dock for boating, paddle boarding, kayaking and fishing; an outdoor fire pit, pavilion and outdoor kitchen.

In October, a Los Angeles-area finance firm paid $95 million for a pair of properties totaling about 12 acres  in Sunnyvale, California, so Toll Brothers can build 329 homes — 140 townhomes and 189 condominiums.  

Under the terms of a related agreement, the luxury homebuilder has the option to buy the parcels or pick up pieces of them over time.

In May 2022, the publicly traded homebuilder’s apartment division announced it’s developing a 355-unit luxury complex at 777 Summer Street in Stamford. 

The project, the first in the state for Toll Brothers Apartment Living, will be a joint venture with Boston-based private equity firm CrossHarbor Capital Partners.

— Ted Glanzer