Toll Bros., America’s largest luxury-home builder, announced Thursday that it is acquiring Thrive Residential, an Atlanta-based urban developer, as it continues its expansion in the Southeast.
The deal marks the second Atlanta acquisition in the last year for Toll, which is based in Horsham. In May, Toll spent $93 million in cash for Sharp Residential, which develops high-end communities in the Georgia capital’s northern suburbs.
The terms of Toll’s acquisition of Thrive were not disclosed. The deal includes about 680 lots that Thrive owns or controls in Atlanta and Nashville. In the Southeast, Toll also currently operates in North Carolina, South Carolina, and Florida. Thrive adds Tennessee to the map.
“Atlanta and Nashville are vibrant markets with favorable demographics and strong population growth,” said Douglas C. Yearley Jr., Toll’s CEO, in a statement. “Thrive, which brings a diverse product offering to urban infill [ready-to-build] locations, complements our recent acquisitions of Sabal Homes in South Carolina and Sharp Residential in Atlanta, and enables us to continue the expansion of our operations in the dynamic Southeast.”
Urban infill neighborhoods are typically characterized by higher density and include multi-family homes.
Toll Bros. revenue was $7.08 billion last year on sales of over 8,100 units. The stock has been on a rebound since October 2018 and is near its all-time high.
In January 2018, The Inquirer reported how Toll had expanded west of the Mississippi, gaining about half of its revenues from locations in such states as California, Idaho, Nevada, and Arizona.
Last August, Toll finished buying a section of historic Jewelers’ Row for a 24-story mirrored-glass condo building. Construction started in October. The company has been on a three-year quest to develop its first high-rise in the city.