DALLAS, Nov. 10, 2022 (GLOBE NEWSWIRE) — Toll Brothers Apartment Living®, the rental subsidiary of Toll Brothers, Inc. (:TOL), the nation’s leading luxury homebuilder, and Equity Residential (:EQR), An S&P 500 company focused on acquiring, developing and managing residential rental properties located in and around dynamic cities, today celebrated the grand opening of three new luxury rental communities totaling 1,053 units in the Dallas-Fort Worth metropolitan area.
Lyle, Remy and The Settler represent the first three joint ventures in North Texas under the strategic relationship that Toll Brothers and Equity Residential established in 2021. The three communities join Toll Brothers Apartment Living’s continued expansion into Texas, with future communities in the state planned for Austin and Houston.
Held at the Lyle construction site in Dallas, the Oct. 27 groundbreaking ceremony was attended by senior executives from Toll Brothers Apartment Living and Equity Residential, as well as members of the media.
“We are thrilled to break ground on our first three Class A residential development projects in Texas under our new partnership with Equity Residential. Through our continued successful partnership, we look forward to providing thoughtfully designed and uniquely elevated apartments,” said Charles Elliott, President of Toll Brothers Apartment Living. “These communities are located in some of the most vibrant and desirable neighborhoods in the Dallas-Fort Worth market, offering the perfect blend of lifestyle and luxury with everything a resident would need and want right outside their door. “
The three new communities currently under construction in North Texas include:
- Lyle, a five-story, 334-unit, multi-family rental community in Dallas. Located at the intersection of Trinity Mills and Addison Road, and adjacent to the Dallas North Tollway, the site offers excellent access to several employment hubs including Galleria Dallas, Legacy Business Park, Granite Business Park, Las Colinas, CityLine , Hall Park and The Star, which is located in the $5 billion mile. The project is financed by a construction loan facility from Santander Bank, NA Lyle started in August 2022 and is expected to open in spring 2024.
- remy, a five-story, 357-unit, multi-family rental community located in bustling downtown Frisco in the Dallas suburb of Frisco. The site is located at the intersection of Gordon and Church streets and along the North Platinum Corridor of Frisco, a development center on the Dallas North Tollway. Residents will benefit from being within walking distance of an abundance of restaurants, retail and entertainment options, including a Cinemark movie theatre, a free public library and the MLS FC Dallas franchise football stadium. It is also located next to Frisco City Hall and Medical City Frisco Hospital. The project is financed by a construction loan facility from Santander Bank, NA Remy started in February 2022 and is expected to open in the fall of 2023.
- The colon, a four-story, 362-unit, multi-family rental community in Fort Worth. Located in the heart of Fort Worth’s River District, the site is close to the central business district, Fort Worth’s cultural and medical districts, and Fort Worth’s historic stockyards. With a sky lounge overlooking downtown Fort Worth, the community is surrounded by the scenic Trinity River hiking and biking trails, various museums, the Fort Worth Botanical Garden, the Fort Worth Zoo, and just north from the PGA Tour Host Colonial Country Club. The project is financed by a construction loan facility from the US Bank. The Settler debuted in June 2022 and is expected to open in early 2024.
All three communities will feature high-end luxury finishes, and residents will enjoy best-in-class amenities packages, including resort-style pools, coworking spaces, state-of-the-art fitness centers, and more.
“Dallas-Fort Worth is a dynamic market with a growing population of affluent renters that we want to capture. We are expanding our presence in the market and believe these properties will be great additions to our existing portfolio,” said Benjamin Stoll, Vice -Senior President of Equity Residential Development “We are delighted to partner with the highly capable team at Toll Brothers and believe these developments are an excellent start to a strategic partnership that will be of great benefit to both Equity Residential and Toll Brothers.”
Through the partnership between Toll Brothers and Equity Residential, the parties initially intend to focus on the selective acquisition and development of sites for apartment rental communities in specific metropolitan markets, including Dallas-Fort Worth , where both parties have a large or growing presence. As part of this partnership, Equity Residential has committed to invest 75% of the capital of each selected project and Toll Brothers will invest 25%. It is expected that each project will also be financed with a leverage effect of approximately 60%. Equity Residential will have the option to acquire each property upon stabilization. The parties have targeted a minimum initial co-investment of approximately $750 million in combined equity, or capacity of nearly $1.9 billion, assuming 60% leverage.
These joint venture projects join a growing portfolio of Toll Brothers Apartment Living apartment communities in North Texas, including Aster, a 22-story, 270-unit luxury skyscraper in Dallas, and Ferro, a four-storey luxury apartment floors and 383 units. Plano community.
For future information on Lyle, Remy and The Settler, visit TollBrothersApartmentLiving.com.
About Toll Brothers Apartment Living®
Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (:TOL), a FORTUNE 500 award-winning company and the nation’s leading builder of luxury homes. Toll Brothers Apartment Living brings the same quality, luxury and service that Toll Brothers is known for to its exceptional rental and mixed-use communities in select markets including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia , Phoenix and Washington D.C. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design and the expertise of America’s Luxury Home Builder®. In 2022, NMHC ranked Toll Brothers Apartment Living the 11th largest apartment developer in the United States. Today, the company has developed nearly 8,500 units, has nearly 4,500 units under management, and controls a nationwide pipeline of more than 20,500 units. For more information, visit TollBrothersApartmentLiving.com.
About Toll Brothers
Toll Brothers, Inc., a FORTUNE 500 company, is the nation’s leading luxury home builder. The company was founded 55 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL”. The company serves first-time home, moving, empty nest, working adult and second home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology and landscaping subsidiaries. The Company also operates its own lumber distribution, home component assembly and manufacturing businesses.
Toll Brothers was named the World’s Most Admired Homebuilder in FORTUNE magazine’s 2022 survey of the World’s Most Admired Companies®, the seventh year it has been so honored. Toll Brothers was also named Builder magazine’s Builder of the Year and is the first two-time recipient of Professional Builder magazine’s Builder of the Year award. For more information, visit TollBrothers.com.
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About Equity Residential
Equity Residential is committed to creating communities where people thrive. The Company, an S&P 500 member, is focused on acquiring, developing and managing residential properties located in and around vibrant cities that attract high-quality, long-term tenants. Equity Residential owns or has investments in 309 properties consisting of 79,730 apartments, with an established presence in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft. Worth and Austin. For more information, visit EquityApartments.com.
Submitted by Toll Brothers via Regional Globe Newswire (TOLL-REG)