Toll Brothers Inc. buys Issaquah Highlands homebuilder
November 29, 2011
Toll Brothers Inc. acquired CamWest Development — a homebuilder in the Issaquah Highlands and other Pacific Northwest communities — company executives announced Nov. 21.
The acquisition marks Pennsylvania-based Toll Brothers’ entry into the Seattle market. The company operates in 20 states.
“Seattle is a high barrier-to-entry home building market with a robust employment base and a concentration of affluence,” Toll Brothers CEO Douglas C. Yearley Jr. said in a statement.
The parties did not disclose the purchase price. Toll Brothers paid cash for Kirkland-based CamWest.
CamWest develops luxury single-family homes, condominiums and townhouses throughout the Seattle metropolitan area, mostly in King and Snohomish counties. In Issaquah, CamWest built the Highlands Square, Hunters Place and West Highlands Park developments in the highlands.
CamWest’s assets include about 1,300 lots owned and 200 lots controlled in King and Snohomish counties.
Eric Campbell, CamWest founder and president, established the company in 1989 and delivered more than 2,800 homes in the Seattle market since then. Before 2011 concludes, the company plans to deliver about 180 homes and about $90 million in revenue.