Horsham-based Toll Brothers hits the fairway in Arizona development with 2,200 homes

The company reported net income of $193.3 million, or $1.26 a share, in the third quarter, up from $148.6 million, or 87 cents, a year earlier. (MONTCO.today File Photo)

It’s par for the course for Horsham-based Toll Brothers as the home builder sets its sights on Surprise, Arizona and a 2,200-home Prasada development.

Toll Brothers paid roughly $62.5 million for 781 acres in the Arizona city located about 30 miles from Phoenix, according to Business Real Estate Weekly, for a massive mixed-used development that is bisected by Loop 303 The land was previously owned by Suburban Land Reserve Inc., the real estate company for the Church of Jesus Christ of Latter-day Saints, writes Patrick O’Grady in the Phoenix Business Journal.

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The Toll Brothers homes will range from 1,400-4,000 square feet on lots ranging from 50 to 70-feet.

The project will be done in 10 phases, according to BREW, with a first phase of 463 lots planned. Toll has divided the land into 18 parcels and plans to develop homes on all of them. Prasada is a more than 3,300-acre development in western Surprise that has been on the boards since 2005. Currently in the development is some retail and apartments as well as an auto mall.

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