Toll Bros. Acquires Pair
Buys Locust Hill, Willowbrook
Two properties that together might serve as the next Beech Tree or Oak Creek have been sold to a partnership headed by Toll Brothers.
In a deal settled just over a week ago, Toll paid $21.6 million for the Locust Hill and Willowbrook properties. Located on Oak Grove Road and totaling about 940 acres, the two tracts could yield about 1,300 units. It’s believed that Toll bought the ground in a joint venture with NVR Inc., which would mark an expansion of the two builders’ efforts together locally.
Seller Seton Belt Trust has wanted to dispose of the land for years, but its marketing efforts eight years ago produced numerous offers – and then ran headlong into the bust. Toll had emerged then as a leading suitor, but put everything on hold until this summer, when it again put Locust and Willowbrook under contract and moved to protect the existing entitlements.
Toll and NVR are already cooperating at Oak Creek, but not in a formal joint venture. NVR bought the partially built-out community on Church Road, while Toll bought the golf course. It also contracted to buy lots from NVR, and will take more of the larger lots, befitting its high-end approach.