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Toll Brothers acquires Sharp Residential

Toll Brothers Inc. acquired Atlanta-based private home building company Sharp Residential LLC in cash for an undisclosed sum.

Toll Brothers CEO and Chairman Douglas Yearley Jr. said in a release that the Sharp Residential purchase is the "ideal way" for the homebuilder to enter and grow in the Atlanta housing market.

Toll Brothers bought about 900 lots owned and controlled in the Atlanta metropolitan statistical area, including a backlog of 125 homes with an average price of $520,000.

The company said the deal will lift its selling community count by about 10 communities as of the closing date.

Zelman Partners LLC was Sharp Residential's exclusive financial adviser.