Toll Brothers, based in Fort Washington, has sold The Kendrick, a 390-unit apartment complex near Boston, to Harbor Group International of Virginia for $182 million, write Grant Welker and Paul Schwedelson for the Philadelphia Business Journal.
The development in Needham, ten miles west of Boston, was last assessed at $119 million. The luxury homebuilder purchased the 5-acre site in 2016 for $28 million and completed construction in 2018.
The purchase price works out to about $467,000 per unit.
Toll Brothers CEO Douglas Yearley Jr. said earlier this year that the company “may be pumping the brakes a little bit” after a streak of record home sales revenue ended. Quarterly revenue declined year over year in the first quarter of fiscal 2025, marking just the second such drop since 2021.
As a result, the homebuilder may need to be strategic with its land acquisitions.
Toll Brothers netted $180 million over a year ago from the sale of a vacant 108-acre lot in Virginia. It also owns several other properties in the Boston area, including The Laurent in Cambridge, Emblem 120 in Woburn, and Atwood in Saugus.
Read more about Toll Brothers in the Philadelphia Business Journal.
