Business

Toll Brothers buys luxury home development in Wake Forest

Posted February 26, 2010 8:24 a.m. EST
Updated February 26, 2010 8:39 a.m. EST

— 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.