Toll Brothers, Inc., (NYSE:TOL) (www.TollBrothers.com) late Thursday announced the acquisition of Thrive Residential, a builder of communities in urban in-fill neighborhoods in Nashville and Atlanta.
Thrive was founded in 2006 by Chris Rudd and Kirstin Hobday and has built more than 1,000 homes. Thrive builds mid- to high-end residences at price points from the high $300,000s to over $1 million. As a result of the acquisition, Toll Brothers acquired certain home building assets from Thrive, including approximately 680 lots owned or controlled throughout Atlanta and Nashville. The purchase is expected to add 10 selling communities by the end of FY 2020.
Douglas C. Yearley, Jr., Toll Brothers’ chairman and CEO, stated, “Atlanta and Nashville are vibrant housing markets with favorable demographics and strong population growth. As we continue to execute on our strategy of broadening our range of geographies, product lines and price points, we are thrilled to have the Thrive team join the Toll Brothers family. Thrive, which brings a diverse product offering to urban in-fill locations, complements our recent acquisitions of Sabal Homes in South Carolina and Sharp Residential in Atlanta and enables us to continue the expansion of our operations in the dynamic Southeast.”
Chris Rudd, co-founder of Thrive, stated, “We are excited to join Toll Brothers’ luxury brand and financial resources. We look forward to working with the Toll Brothers team on expanding our in-fill platform in Nashville and Atlanta.”
