FORT WASHINGTON, PA — Toll Brothers, Inc. (NYSE: TOL) recently signed a definitive agreement to acquire substantially all the assets of Buffington Homes of Arkansas, expanding its presence into northwest Arkansas.
The transaction is expected to close in the company’s fiscal third quarter.
Buffington Homes, based in Fayetteville, Arkansas, operates nine active or planned communities and owns or controls more than 1,500 lots in the region.
The builder focuses on first-time and move-up buyers, with homes priced from the $400,000s to more than $1 million.
Toll Brothers said the acquisition will establish a presence in the Fayetteville and Bentonville housing market.
Karl K. Mistry, chief executive officer of Toll Brothers, said the company plans to expand its operations in the region.
Buffington Homes’ senior leadership and employees will join Toll Brothers following the transaction.
Clay Carlton and Mike Lamberth, founding partners and co-owners, will focus on land acquisition and development, while co-owner Mike Buffington will leave the business.
Carlton said the acquisition is expected to support expansion in northwest Arkansas.
Terms of the transaction were not disclosed.
Toll Brothers has completed 16 homebuilder acquisitions since 1995.
Tony Avila of Builder Advisor Group advised Buffington Homes on the transaction.
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