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Pennsylvania luxury home builder acquires Kirkland's CamWest Development
The purchase price, which was not disclosed, was paid in cash.
CamWest is one of the largest privately held home-building companies in the Pacific Northwest. The Kirkland company develops a variety of home types, including luxury single-family homes, condominiums, and town homes, throughout the Seattle metropolitan area.
One of CamWest's most well-known developments in Kirkland is the Nettleton Commons, on State Street near downtown Kirkland.
Part of that development includes one of the oldest structures in Kirkland - the Nettleton Mansion that CamWest refurbished and preserved in 2009. The 2,829-square-foot mansion was built in 1914 by former Seattle PI Publisher Clark M. Nettleton.
CamWest has been recognized by the homebuilding industry through various awards for innovation in housing, green building practices, and excellence in marketing. Its homes typically sell from the mid $300,000-$700,000’s, with some homes selling for over $1 million.
The average price of its homes currently in backlog is approximately $500,000.
The company was established in 1989 by Eric Campbell and has delivered more than 2,800 homes in the Seattle market since then. For 2011, CamWest anticipates delivering approximately 180 homes and producing revenues of approximately $90 million.
In addition to existing backlog, the assets acquired by Toll Brothers include approximately 1,300 lots owned and 200 lots controlled in King and Snohomish Counties. The acquisition will increase Toll Brothers’ selling communities count by approximately 15 communities.
Toll Brothers expects the acquisition to be accretive in FY 2012.
Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "We are excited to enter the Seattle market with the acquisition of CamWest. It is one of the premier luxury homebuilders in the region with a long history of delivering exceptional quality and value to its homeowners. Seattle is a high barrier-to-entry home building market with a robust employment base and a concentration of affluence. Eric Campbell and the CamWest team provide a great management platform with a strong land position and well-established relationships with local land sellers and subcontractors.”
Eric Campbell, founder and president for CamWest Development, stated: "Toll Brothers’ brand name, reputation, and capital resources make it the ideal partner to expand upon the success that CamWest has achieved. Seattle is a market with many opportunities. We look forward to a great future as a member of the Toll family."
Zelman Partners LLC acted as exclusive financial advisor to CamWest.Toll Brothers, Inc. is the nation's leading builder of luxury homes. The company began business in 1967 and became a public company in 1986.
Its common stock is listed on the New York Stock Exchange under the symbol "TOL."
The Company serves move-up, empty-nester, active-adult, and second-home buyers and operates in 20 states. For more information, visit www.tollbrothers.com.