Luxury residential developer Toll Brothers has announced the acquisition of Boise, Idaho-based Coleman Real Estate Holdings. The purchase was made with cash, and while the price was not revealed, it’s known that the deal includes all of the assets and operations of Coleman. At the time of purchase Coleman’s had $40.8 million in backlog homes consisting of 135 homes with an average price of $302,000. Including the existing backlog, the assets acquired by Toll Brothers include approximately 1,400 lots owned and 350 lots controlled in Ada and Canyon Counties. Zelman Partners LLC acted as exclusive financial advisor to Coleman Homes.
Douglas C. Yearley, Jr., Toll Brothers’ chief executive officer, said that the relationship between the two companies goes back goes back nearly two decades. “We are confident that the Colemans’ strong management platform, great land positions, and well-established relationships with Boise land sellers and subcontractors will be a winning formula.”
