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

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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.

To read the complete story click here.

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