Toll Brothers has announced entering a deal to acquire Keller Homes, a top private home-building company in Colorado Springs.

The acquisition will establish Toll’s foothold in the fast-growing metro Denver and Fort Collins markets. Colorado Springs was rated the “#1 Hottest US Housing Market” in 2020 by USA Today.

Keller build homes from the mid-$400,000s to over $700,000. At the date of acquisition, the company had approximately $44 million in backlog consisting of 84 homes with an average price of $520,000.

Toll Brothers has acquired rights to buy over 300 lots Keller controls throughout Colorado Springs and currently has four actively selling communities. The addition of Keller Homes brings a solid supply of controlled lots across Toll’s luxury home portfolio and active living offerings.

“We are thrilled to be joining with Keller Homes,” said Douglas Yearley Jr., chairman and chief executive officer of Toll Brothers. “Their team will enable us to continue to expand our operations in Colorado, which is one of our strongest markets. Keller Homes has a great reputation based on nearly four decades in the market. We welcome them to the Toll Brothers family.”

“We are excited to join with Toll Brothers, whose financial resources and luxury brand will enhance the platform we have built over the past thirty-seven years,” Keller Homes founder Dave Keller said. “Together, we look forward to expanding our operations across a variety of price points in the Colorado Springs market.”