National homebuilder Toll Brothers has purchased a majority of the Hasentree luxury golf community in northern Wake County for $23.46 million, or 27 percent less than SunTrust Banks paid to buy the property out of foreclosure 11 months ago.
Toll Brothers purchased a package of undeveloped portions of the 934-acre project as well as some unsold parcels that have been developed, according to Wake County property records. The deal encompasses 576 acres and includes open space and amenities, a Tom Fazio-designed golf course, tennis courts, activity centers and walking trails.
Tom Anhut, a division president in Raleigh for Horsham, Pa.-based Toll Brothers, declined to comment on the purchase.
The deal is the latest sign that national builders, after several years of lying low, are re-entering the Triangle market. Just this month Hanley Wood Market Intelligence, a California research firm, ranked Raleigh-Cary first on its list of the healthiest markets among the top 100 U.S. housing markets.
Raleigh developer Creedmoor Partners borrowed $39 million from SunTrust to develop Hasentree, an ambitious project that was emblematic of the housing boom.
The plan called for 650 lots -- most reserved for custom homes priced from $1 million to $5 million -- surrounding a golf course that features the same sand used at Augusta.
The project ran into trouble when the housing market began to deteriorate and lenders tightened standards, making it harder for many consumers to purchase homes. The luxury-home market has been hit particularly hard during the current downturn.
