Toll Brothers has signed a definitive agreement to acquire substantially all the assets of Buffington Homes of Arkansas, a privately held Fayetteville-based home builder.
Expected to close in the company’s fiscal third quarter, the acquisition will augment Toll Brothers’ national footprint by establishing a strong presence in the flourishing Fayetteville-Bentonville housing market.
“We are excited to be entering the vibrant and growing Fayetteville/Bentonville market, further expanding the geographic footprint of our luxury home building operations across the country,” says Karl K. Mistry, CEO of Toll Brothers. “Buffington Homes is the leading luxury home builder in this market with exceptional communities, strong financial performance, and a reputation for quality. We look forward to leveraging their team’s local expertise and strong land position in northwest Arkansas while adding value and scale to successfully grow the business into the future.”
Buffington Homes is the largest luxury home builder in northwest Arkansas with nine active selling or coming soon communities in the region. The company, founded in 2010, primarily builds first-time and move-up homes with prices ranging from the $400,000s to over $1 million. Buffington Homes currently owns or controls over 1,500 lots in the market.
Toll Brothers says that Buffington Homes’ senior leadership and all employees will join the company. Founding partners and co-owners Clay Carlton and Mike Lamberth will lead land acquisition and development, while Mike Buffington, co-owner and brother of late founder Thomas B. Buffington, is stepping away from the business to focus on his family.
“We are excited to join the Toll Brothers team to help take our operations to the next level,” says Carlton. “As the leading luxury home builder in the U.S., Toll Brothers has the brand recognition, operating expertise, and financial strength to accelerate our growth across northwest Arkansas. Our companies also share similar values and a focus on excellence in our industry, making this a perfect fit for our employees and customers alike.”
Terms of the transaction were not disclosed. Since 1995, Toll Brothers will have completed 16 home builder acquisitions including Buffington Homes. Tony Avila of Builder Advisor Group acted as advisor to Buffington Homes.
