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Toll Brothers buys 21 acres in Greater Philadelphia
Plan to build 33 single-family homes on Spring City site in Chester County
The Toll Brothers keep collecting in Pennsylvania.
The Fort Washington-based homebuilder acquired a 21-acre property in their home state, paying $2.64 million for the site in Chester County’s Spring City, the Philadelphia Business Journal reported.
The land at 25 Seven Stars Road is slated for the construction of 33 single-family homes, according to the outlet. The property was owned by the Soltys family since at least 1947 and is situated southeast of an existing housing development off Stony Run Road.
The fim plans to start site work immediately, with home sales expected to open in late 2024.
The acquisition is part of Toll Brothers’ recent string of property purchases in the region. The company this summer acquired 159 acres in Malvern for $33 million, with plans to build 280 luxury townhomes.
In the fall, Toll Brothers purchased 21 acres in Quakertown for $3.9 million and planned 38 single-family homes.
As of October 2023, Toll Brothers operated 370 communities, up from 348 at the end of 2022. The company said in a quarterly earnings report cited by the outlet it aims to further expand the number of communities it’s in by 10 percent in the coming year.
The average selling price for Toll Brothers homes in the three-month period ending Oct. 31 was $989,000, significantly higher than the median home sales price in Chester County, which stood at $495,000, representing a 6.5 percent year-over-year increase, the outlet reported. Chester County is the most expensive county in the Philadelphia region.
Toll Brothers has been active in homebuilding and multifamily arenas up and down the East Coast. In April, the publicly traded homebuilder’s apartment division and Harris Realty Company entered into a joint venture to develop a six-story, 393-unit multifamily complex in Norwalk, Connecticut.
The project, named Piper, is being financed with a $136 million construction loan from Wells Fargo and TD Bank, according to the release. Located about one mile from the South Norwalk Metro Station, the project is in an Opportunity Zone.
The company also recently announced 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.
— Ted Glanzer