Toll Brothers Inc. said Monday that it is acquiring Seattle builder CamWest Development LLC for an undisclosed cash price.
The deal, which moves the luxury developer into the Pacific Northwest, is a rare example of an acquisition in the hard-hit home-building sector, which continues limping through the worst housing downturn in decades.
But Toll, based in Horsham, Pa., has weathered the downturn better than its peers. So far this year, its shares have fallen less than 1%, making it the sector's strongest performer. Shares of Hovnanian Enterprises Inc., another public builder, have fallen nearly 70% year to date.