Toll Brothers is primarily a builder of executive and “affordable luxury” single-family homes, and it also develops the raw land into lots for those houses. It operates in almost half of the US states and is concentrated on the coasts and in the more heavily populated regions. In recent years the company has adopted a strategy of being somewhat “asset light”. This has involved securing land through options and purchasing land only when it is confident of developing it relatively soon.
It also develops both urban high-rise and suburban low-rise apartments. Some of these are sold as condos but it also retains some buildings and is growing a large rental apartment business.