Toll Brothers & GTIS Partners Announce Sienna South Acquisition - Quick Facts

(RTTNews) - Luxury homebuilder Toll Brothers Inc. (TOL) in a joint venture with GTIS Partners, a real estate private equity firm, reported the acquisition of Sienna South, the last major undeveloped parcel of Sienna Plantation, one of Houston's master planned communities.

Sienna South is a 3,700-acre site located in Houston's booming southwest corridor. Though fully zoned for up to 10,000 single-family homes, together with 140 acres of retail and commercial use and 63 acres of civic use, the Toll-GTIS joint venture expects to develop nearly 6,500 single-family home lots which will be sold to local, regional and national home builders over the anticipated life of the community.

Toll Brothers may purchase up to 1,750 of those lots for its own home building operation over that time period. When fully built out, Sienna South is expected to have generated gross home sales of more than $2.6 billion. The JV has reached an agreement with The Johnson Development Corp., developer of Sienna Plantation and other prestigious Houston communities, to act as master developer.

Site improvements at Sienna South are scheduled to begin in April 2014, with sales of lots to builders projected to commence in late 2014. Sales to home buyers should begin in 2015.