Plans are underway for the construction of 3 Toll-Equity Residential apartment communities, which will bring 1,053 new units to the Dallas-Fort Worth region. Last year, Toll Brothers and Equity Residential formed a partnership and are now working on building their first three residential communities.
Going forward, both companies will focus on developing sites for luxury, rental apartment communities in specific metro markets. Especially in regions where they have a significant or growing presence such as Dallas-Fort Worth in Texas.
The Toll-Equity Residential apartment project is spread across 3 locations in the Dallas/Ft. Worth region, which includes Fort Worth, Frisco Square, and Dallas. According to Charles Elliot, Toll Brothers’ President these communities are located in some of the most desirable neighborhoods in the region. Therefore, he said the apartments would offer residents the perfect blend of luxury and lifestyle at the center of it all.
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Development plans for the Toll-Equity Residential apartments
The Toll-Equity Residential apartment planned for Fort Worth is a 4-story apartment dubbed The Settler. In addition to the 362 units, the property will also offer a 543-space for garage and bicycle storage, along with a sky lounge. With its location at 204 Athenia Drive, the property is a short distance from the scenic Trinity River’s hike and bike trails. The U.S. Bank will provide the construction loan needed to finance the project.
Another Toll-Equity Residential apartment named Remy is also planned for Frisco Square. This 5-story building will feature 357 multifamily rental apartment units, along with a 545-space parking garage. Its location is in close proximity to Frisco’s North Platinum Corridor and it offers walkability to an abundance of amenities. Several such amenities include restaurants, retail, a Cinemark movie theater, a free public library, and MLS franchise FC Dallas’ soccer stadium. Santander Bank, N. A is financing the project through a construction loan.
Lastly, the Toll-Equity Residential apartment project also includes the 5-story Lyle community which will be developed in Dallas. This property will feature 334 units, along with a 475-space parking lot. Furthermore, its location is ideally positioned at the Trinity Mills intersection, to provide residents with access to several employment hubs. These include Legacy Business Park, Granite Business Park, Las Colinas, City Line, Hall Park, and The Star.
According to the developers, each of the Toll-Equity Residential apartment communities are designed to include high-end luxury finishes. Therefore, these communities will provide several best-in-class amenity packages.
Financing for the project
The developers expect each of their Toll-Equity Residential apartment projects to be financed with approximately 60% leverage. However, they have also agreed on a fixed percentage of the equity, which will be invested in each selected project.
Equity Residential has committed to investing 75% of the equity, while Toll Brothers will invest 25%. If 60% leverage is achieved, their initial minimum co-investment would be about $750 million in combined equity.