Per a press statement, "Toll Brothers, Inc. announced the completion of its acquisition of the homebuilding operations of Shapell Industries, LLC, a premier private California land development and home building company, for approximately $1.60 billion in cash. The purchase includes approximately 5,200 home sites, 97.5% of which are entitled, in established coastal California communities. This land was assembled by Shapell over many decades in many of Northern and Southern California's most affluent and high-growth markets: the San Francisco Bay area, metro Los Angeles, Orange County and the Carlsbad market."

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Learn more about markets featured in this article: Los Angeles, CA, San Francisco, CA.