Horsham-based Toll Brothers Inc. has acquired the homebuilding operations of Shappell Industries LLC, a California land development and homebuilding company.
Toll Brothers purchased the company for about $1.6 billion. The purchase included nearly 5,200 home sites in the state of California.
"The portfolio of entitled land we are acquiring may be the last great concentrated assemblage of this scale and quality in coastal California," said Douglas C. Yearley Jr., Toll Brothers CEO. "The combination of the Shapell and Toll Brothers teams and land holdings gives us one of the premier platforms in several of the nation's most dynamic housing markets."