Business

Meridian’s Coleman Homes is sold to a high-end national builder

Lumber in the Coleman Homes’ 1,400-home The Oaks subdivision in Meridian.
Lumber in the Coleman Homes’ 1,400-home The Oaks subdivision in Meridian. kgreen@idahostatesman.com

National high-end residential builder Toll Brothers is entering the Boise area market with its purchase of Meridian’s Coleman Homes.

The all-cash purchase was announced this month. The sale price was not disclosed.

Coleman employs 60 workers and uses nearly 100 subcontractors. Coleman built more than 200 homes in the Treasure Valley last year. Its projects include one The Oaks, a 1,400-lot subdivision near McMillan and Black Cat roads that Coleman is building now in north Meridian.

Coleman told the Statesman’s Business Insider last spring that it owns 4,000 vacant lots in the valley, an eight-year supply that protects it from rising land prices.

Coleman builds single-family homes priced from $175,000 to $500,000. At the time of the sale, it has a $40.8 million backlog of 135 homes with an average price of $302,000, Toll Brothers said in a release announcing the deal.

The Coleman family has built homes since 1972 and has a longstanding relationship with Toll Brothers, which bought the family’s Las Vegas operations to enter that market in 1997.

Tom Coleman and his son, Thomas Coleman Jr., entered the Boise market in 2004, first as land developers. They formed the homebuilding company in 2007 and have brought 1,000 homes to market.

Besides the existing backlog, assets acquired by Toll Brothers include approximately 1,400 lots owned and 350 lots controlled in Ada and Canyon Counties.

“Coleman is one of the premier homebuilders in the market, with a reputation for delivering exceptional quality and value to its homeowners,” said Douglas C. Yearley Jr., Toll Brothers’ CEO. “We are confident that the Colemans’ strong management platform, great land positions, and well-established relationships with Boise land sellers and subcontractors will be a winning formula.”

Toll Brothers, founded in 1967, went public in 1986. It operates in 19 states.

Bill Dentzer: 208-377-6438, @IDSBillD

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