Toll Brothers, a residential real estate developer in Horsham, Pa., has purchased 65 acres of land in Branchburg to develop 50 high-end homes.
Toll Brothers, which has about 19 active communities throughout the state, purchased the property on Burnt Mill Road from Branchburg Builders. Neither Toll Brothers nor Weichert Commercial, the broker on the deal, would specify the purchase price.
"We love the location. Branchburg is conveniently located right there in central New Jersey," Chris Gaffney, Toll Brothers group president, said in an interview. "The property itself is just magnificent — rolling hills, wooded backdrops."
Gaffney said homes in the new community, which has already been named Steeplechase at Branchburg, will range between 4,000 and 6,000 square feet. Purchase prices will range between $950,000 and $1.5 million.
Toll Brothers just broke ground on the Steeplechase property and is in the process of clearing trees and preparing to put in roads. Gaffney said the company should be ready to start laying foundations in the next few months.
Although construction is still several months away, Toll Brothers has already started selling the new community out of its Randolph property. Gaffney did not specify how many contracts have been signed so far, but there has been "a tremendous amount of interest in the property."