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Toll Brothers Announces Acquisition of Keller Homes to Drive Expansion into Colorado Springs
By: Toll Brothers Colorado
Today as the "#1 Hottest U.S. Housing Market" in 2020 and by U.S. News & World Report as #3 "Best Place to Live" in 2019, Colorado Springs is a dynamic housing market that will complement Toll Brothers' current operations in metro Denver and Fort Collins.
Keller Homes was founded in 1983 by Dave and Pam Keller, and has built over 4,000 new homes in Colorado Springs since its inception. The company serves a wide range of homebuyers including first-time, move-up, and move-down buyers at price points from the mid-$400,000s to over $700,000. At the date of acquisition, Keller Homes had
approximately $47 million in backlog consisting of 91 homes with an average price of $520,000.
"Keller is a capital efficient company that brings a solid supply of controlled lots and a diversified presence across Toll's luxury, affordable luxury, and active living offerings," said Mark Bailey, Toll Brothers Colorado Division President.
In addition to Keller's existing backlog of 91 homes, Toll Brothers has acquired rights to purchase over 300 lots Keller controls throughout Colorado Springs. Currently, the company has three actively selling communities there.
"We are thrilled to be joining with Keller Homes," sad Bailey. "Their team will enable us to continue to expand our operations in Colorado, which is one of Toll Brothers' strongest markets. Keller Homes has a great reputation based on almost four decades in the market."
Dave Keller, founder of Keller Homes, said, "We are excited to join with Toll Brothers and look forward to their support in expanding our operations in the Colorado Springs market. We are confident that the relationships we have built over the past 37 years, combined with Toll Brothers' financial resources and luxury brand, will complement our
platform here in Colorado Springs."
Robichaud Financial Services acted as exclusive financial advisor to Keller Homes. Terms of the acquisition were not announced.
Toll Brothers serves first-time, move-up, empty-nester, active-adult,
affordable luxury and second-home buyers, as well as urban and suburban renters. It operates in 24 states. For information about its Colorado communities, visit www.tollbrothers.com/
Toll Brothers, Inc., A FORTUNE 500 Company, began business over 50 years ago in 1967 and became a public company in 1986.
This is not an offering where prohibited by law.