Last week, national luxury homebuilder Toll Brothers, based out of Pennsylvania, purchased CamWest Development for an undisclosed cash amount. Our friend Eric Campbell (photo), who started CamWest in 1989 and has built over 2800 homes in the region, will remain on board as the President of Toll's Seattle operations for at least three years. What a funny feeling it must be to start your own company and then have a boss all of a sudden! :-)
CamWest has accrued an arsenal of accolades over the years, and Toll had been shopping the Seattle market for quite some time, so it makes sense that the two found each other. CamWest's clever land acquisitions of which there are approx 1500 undeveloped lots and 15 developments where houses are under construction/for are a great fit for Toll as they make their first entry into the PNW market . Doug C. Yearley Jr., CEO of Toll Brothers stated, "We are excited to enter the Seattle market with the acquisition of CamWest. It is one of the premier luxury homebuilders in the region with a long history of delivering exceptional quality and value to its homeowners. Seattle is a high barrier-to-entry home building market with a robust employment base and a concentration of affluence. Eric Campbell and the CamWest team provide a great management platform with a strong land position and well-established relationships with local land sellers and subcontractors."
CamWest projects will be delivering 180 homes in 2011 equating to close to $90M. Welcome to Kirkland, Toll! ~j