Porter Ranch Builder Shapell Sold for $1.6 Billion

Toll Brothers Inc., a luxury homes builder based in Horsham, Pa., announced Wednesday that it has acquired the homebuilding business of Shapell Industries Inc.

The Beverly Hills company, which developed Porter Ranch starting in the 1980s, was sold for $1.6 billion in cash. The Shapell family will continue to own its retail, commercial and multi-family businesses through other entities, according to a press release from Toll Brothers.

“We are honored and thrilled to have been selected by the Shapell family to continue the legacy of such an amazing company,” Toll Brothers Chief Executive Officer Douglas C. Yearley, Jr., said. “The tremendous land portfolio the Shapell family has amassed over decades in California presents an incredible opportunity for Toll Brothers.”

Toll Brothers entered the California market in 1994. With this acquisition of 5,200 lots, they will own and control 9,200 lots in the state.

Bill West, Shapell’s chief executive officer, the Board of Directors made the “difficult decision” to sell after careful deliberation.

Toll Brothers’ outstanding reputation as a high quality home builder, its focus on superior customer satisfaction and its employees made the decision easier,” he said.

Sean O’Rourke, treasurer of the Porter Ranch Neighborhood Council, released the following statement:

Shapell is Porter Ranch’s largest stakeholder and has been a partner in our community for the past 39 years. The development of Shapell’s Porter Ranch Master Plan contains new and continuing projects related to both residential homes and commercial projects. The Porter Ranch Neighborhood Council understands that the future development of our community affects all of our neighbors and stakeholders and we look forward to continuing that partnership with Toll Brothers, pending completion of the acquisition in the first quarter of 2014. PRNC President Paula Cracium has been invited to meet the Toll Brothers team and will bring the council’s comments and questions related to how the acquisition specifically affects Porter Ranch. We encourage our stakeholders to share their comments and questions by emailing our council at board@prnc.org.

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  • Rick Mervis

    Are these the people who built the estates above Rinaldi, below Sesnon that are 3 feet apart?