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Horsham, Pa.-based Toll Brothers, a builder of luxury homes, announced its entry into the metro Atlanta market. The move continues Toll Brothers’ expansion in the Southeast, where it currently operates communities in Florida, North Carolina and South Carolina.
“We have been studying the Atlanta market for a long time and have been looking for the right opportunity to enter this market,” said Robert Toll, chairman and CEO of Toll Brothers. “Atlanta ranks third among American cities for Fortune 500-headquartered firms and continues to attract relocation buyers as well as area move-up buyers.”
Toll Brothers’ first community in Georgia -- 311-unit Woodstock Knoll -- will open for sales on Sept. 22, with deliveries anticipated for summer 2008. The community is located on approximately 200 acres near downtown Woodstock in Cherokee County, about 30 minutes from Atlanta.
Toll Brothers operates in 22 states. In its third quarter ended July 31, Toll Brothers’ net income declined 85 percent to $26.5 million. The company’s third-quarter total revenues were $1.21 billion, down 26.4 percent from revenues of $1.53 billion in last year’s quarter.
"We continue to wrestle with the interrelated challenges of softer demand and excess housing supply in most markets,” said Toll, in a prepared statement late last month.
The company builds luxury single-family detached and attached home communities, master planned luxury residential resort-style golf communities and urban low-, mid- and high-rise communities, principally on land it develops and improves. Toll Brothers also operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management and landscape subsidiaries.