Toll Brothers buys luxury home development in Wake Forest

Posted February 26, 2010

— Luxury home builder Toll Brothers (NYSE: TOL) is acquiring the massive Hasentree community in Wake Forest, the company said Friday.

Work on homes and development of the 805-acre complex, which also includes a golf course, will restart “immediately,” Toll Brothers said.

Toll Brothers didn’t disclose the price for Hasentree, but media reports put the price at between $16 million and $24 million.

A buyer had been sought for Hasentree for nearly a year. The development opened in 2007. Toll Brothers acquired the community from SunTrust Bank.

SunTrust foreclosed on the development last year from developer Creedmoor Partners, which had borrowed nearly $40 million for the project.

Toll Brothers acquired the Hasentree Golf Club, a course designed by Tom Fazio, a 13,000-square-foot community center and all unsold home sites.

“Hasentree is a magnificent community and will be one of the crown jewels for Toll Brothers,” Tom Anhut, the Raleigh Division President at Toll Brothers, said in a statement. “Toll Brothers is committed to providing residents, club members and future homeowners with the finest residential and golf community in the Triangle.”

The purchase price was not disclosed.

Toll Brothers, which also developed the Brier Creek Country Club near Raleigh Durham International Airport, has been building homes in the Triangle area for 16 years. Other developments in the area include Green Level Crossing in Cary, The Oaks at Meadowridge in the Cary area and The Hills at Southpoint in Durham

“Toll Brothers has believed in the Triangle in the past, we believe in it now, and we believe in it for the future,” Anhut said. “With this investment by Toll Brothers, Hasentree will not only be debt-free, but it will become part of a financially sound, highly regarded homebuilding company. This is a big day for Toll Brothers, Hasentree and the Triangle."

Toll Brothers has set up a Web site about Hasentree.


This story is closed for comments.

Oldest First
View all
  • cary1969 Feb 26, 2010

    let Toll Bros make their money..why do you care..unless your jealous

  • NCSULandscaper Feb 26, 2010

    We have worked for Hasentree in the past and they were great to work for. There are no half finished homes in the area, the homes that are there are finished, but a lot of wooded uncleared lots. It is one of the nicest golf courses in the area, but unfortunately a lot of the workers and management have been let go, the ones we worked for anyhow. There are not a lot of lots in that community so traffic should never be a problem.

  • catfisherman Feb 26, 2010

    Mmmmmm... Toll Brothers makes the best chocolate chip cookies... Imagine a whole house made of cookies!

  • Wake1 Feb 26, 2010

    The only thing they believe in is the fact that they can make money - anything other than that - they could care less!

  • research9 Feb 26, 2010

    "There is zero chance that course is going public."

    Nope, but supposedly they are dropping membership fees to $10k. And I'm not sure they are keeping the requirement that you have to own property in Hasentree to join.

  • time4real Feb 26, 2010

    hey Toll Bro, we don't need anymore of your over priced properties!

  • applesmith Feb 26, 2010

    They require a creidt check just to ride thru the property. They really messed up some good deer hunting with that golf course.

  • manofjustice Feb 26, 2010

    I wish the hell they would buy my house for 1 million. I would kick my wife and kids on the skreet in a minute and I would move to Miami. I will take 500,00 even. The house is very clean on the inside. Kids are only allowed to come in and sleep. I love my kids so I let them sleep in the house.

  • pyrosinthesky Feb 26, 2010

    > I am looking forward to $25 green fees at the new Toll Bro's public course though

    You will be waiting for a really, really long time. There is zero chance that course is going public.

  • pyrosinthesky Feb 26, 2010

    > I didn't realize the south was still seceded from the rest of the country. I had kinda thought we were all Americans. Learn something new every day!

    Geez .. every country in the world has regional rivalries.

    And it has nothing to do with the Civil War. It has to do with the arrogance of a lot of northeners saying their way is better. If it is so much better up north, go back.