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US: Luxury homebuilder expands in California

 |  November 7, 2013

One of the largest builders of luxury homes in the nation announced Thursday it has entered into an agreement to acquire Shapell Homes.

Toll Brothers’ buyout of the smaller competitor will expand the company throughout California, according to a press release. The acquisition was inked at about $1.6 billion.

Toll Brothers will gain Shapell’s land portfolio, expanding the company’s ownership in affluence coastal markets.

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