Fort Washington-based Toll Brothers purchased a 42-acre site in Perkiomenville for $8.2 million to build 43 single-family homes, writes Paul Schwedelson for the Philadelphia Business Journal.

The luxury home developer expects to start selling the homes next fall.

Toll Brothers acquired the land from Provident Trust Group, a retirement investment fund. The parcel is located behind a row of single-family homes, nestled between Little Road and Route 29.

This marks the latest of several Toll Brothers acquisitions across the Philadelphia suburbs in recent months. The company previously bought 17 acres in Bucks County’s Sellersville for $5.3 million. It plans to build 72 active adult townhomes. The developer also announced plans to construct estate homes on a 57-acre site in Collegeville and has opened sales of a townhome development in Malvern.

The activity follows record quarterly returns for the developer in the past several years. The homebuilder capitalized on a slowed resale market caused by low supply and homeowners unwilling to sell after locking in low interest rates a few years ago.

Toll Brothers CEO Douglas Yearley Jr. said earlier this year the “chronic undersupply of housing” plays in the company’s favor.

Read more about Toll Brothers in the Philadelphia Business Journal.

Editor’s Note: This post was originally published on MONTCO Today in December 2024.