Tuesday, February 19, 2013

Toll Bros. is scooping up failed projects for conversion to houses

Even with luxury builder Toll Bros.' recent record selling homes in Center City, Manhattan, Brooklyn, and other urban centers, the company continues to buy up suburban properties for eventual conversion into the next generation of McMansions.

Home prices are slowly rebounding from their late-2000s collapse, and failed construction projects remain cheap and ripe for conversion.
Last week, Gibraltar Capital and Asset Management L.L.C., a subsidiary of Horsham-based Toll, said it had spent $33 million buying four packages of loans gone bad, at discount prices, from banks holding property in Pennsylvania, Florida, Arizona, Maryland, Massachusetts, Minnesota and Georgia.
Toll did not list the properties, which it said included "retail shopping centers, residential land, and golf courses."

But Gibraltar president Roger Brush said separately that one of the tracts, "capable of being developed into a residential subdivision, should we end up with title," was in Chester County.
Toll already is managing the Applebrook Meadows project in Malvern, the Preserve at Chadds Ford, Creekside at Byers Station in Chester Springs, and large homes at the former du Pont estate north of Newtown Square in neighboring Delaware County.


No comments:

Post a Comment

Note: Only a member of this blog may post a comment.