Toll Brothers acquires home building company Keller Homes
Toll Brothers, a US luxury homes builder, has acquired Keller Homes for an undisclosed price in a move to expand into the Colorado Springs market.
Keller Homes is a private home building company, which has constructed around 4,000 homes in the Colorado Springs market.
According to Toll Brothers, Colorado Springs is a dynamic housing market that will complement its present operations in metro Denver and Fort Collins.
Keller Homes is said to cater to a wide variety of homebuyers, which includes first-time, move-up, and move-down buyers at price points in the range of mid-$400,000s and over $700,000.
Dave Keller – founder of Keller Homes said: “We are excited to join with Toll Brothers, whose financial resources and luxury brand will enhance the platform we have built over the past thirty-seven years. Together, we look forward to expanding our operations across a variety of price points in the Colorado Springs market.”
At the date of acquisition, the private home building company had nearly $44 million in backlog, consisting 84 homes with an average price of $520,000.
Additionally, Toll Brothers has acquired the rights to buy more than 300 lots controlled by Keller Homes across Colorado Springs.
Douglas C. Yearley, Jr. – Toll Brothers chairman and CEO said: “We are thrilled to be joining with Keller Homes. Their team will enable us to continue to expand our operations in Colorado, which is one of our strongest markets. Keller Homes has a great reputation based on nearly four decades in the market. ”
Robichaud Financial Services has been the financial advisor to Keller Homes for the deal.