Toll Brothers Apartment Living®, the rental division of Toll
Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury
homes, and EJF Capital have announced a joint venture to develop
Henri in downtown Phoenix, Ariz. The project is being financed
through a $65 million construction loan facility. Henri will be a
seven-story, 313-unit luxury mid-rise rental community.
Construction on Henri began in July 2023 and is anticipated to be
completed with first residency in 2025.
“We are delighted to once again partner with EJF
Capital to develop a spectacular luxury apartment community in
vibrant downtown Phoenix,” said John McCullough, President of Toll
Brothers Apartment Living. “This collaboration underscores our
commitment to delivering exceptional apartment living experiences.
Together, we will create an unparalleled residential haven in the
heart of Phoenix with the same quality, luxury, and service for
which Toll Brothers is already known in this market.”
Henri will offer a mix of studio, one- and
two-bedroom floor plans. The luxury residences will feature
spacious open floor plans and intuitive design, with custom kitchen
cabinets, stainless steel appliances, Moen® plumbing finishes,
quartz kitchen and bathroom counters, wood-style flooring, and
innovative smart home features including keyless locks.
The community will include more than 36,000
square feet of indoor and outdoor amenities space including a
resident lounge, a chef demonstration kitchen and dining spaces, a
state-of-the-art fitness center, collaborative coworking spaces, a
club and game room with fireplace, listening lounge,
studio-inspired creator booths, a library and study room, a
resident bar, a resort-style pool and courtyard, a sun lounge, a
rooftop deck, and pet-friendly amenities. The community will also
include a 455-space structured parking garage featuring EV
(electric vehicle) charging stations.
“Downtown Phoenix has become a dynamic
neighborhood replete with stunning architecture, a diverse range of
dining, shopping and night life, as well as a thriving artistic
community, which all serve to make it an exciting place to call
home,” said Todd Bowden, Managing Director for the southwest region
of Toll Brothers Apartment Living. “We are very excited to bring
the Toll Brothers lifestyle to this area.”
Located at 502 West Van Buren Street and
situated on a 2.32-acre site, Henri will be constructed in a
Qualified Opportunity Zone. Henri is centrally situated in a
walkable neighborhood bordering the iconic Phoenix cultural arts
district Roosevelt Row and is surrounded by restaurants, bars,
cafes, shops, boutiques, art galleries, entertainment venues, and
other neighborhood-serving retail opportunities. Perfect for those
seeking luxury apartment living in the heart of downtown Phoenix,
Henri will offer easy access to major roadways including I-10 and
I-17, as well as convenient public transit opportunities with
nearby stops for Valley Metro rail and bus routes.
“We are pleased to be teaming with EJF
Capital to develop our second apartment community together,” said
Fred Cooper, Senior Vice President, Finance and Investor
Relations for Toll Brothers. “Henri also is the fifth
Opportunity Zone project Toll Brothers Apartment Living is
developing nationwide. We appreciate the support of City
National Bank as agent and Banc of California for providing us
with this $65 million construction loan.”
“We are thrilled to be working with Toll
Brothers Apartment Living on this exciting project, which will fill
a strong need for multifamily housing in this dynamic market,” said
Asheel Shah, Senior Managing Director and Head of Real Estate
Development at EJF. “Our lenders see the significant potential of
downtown Phoenix, which is home to vibrant and walkable
neighborhoods anchored by a robust retail, restaurant and
entertainment hub.”
Henri is the fourth multifamily community to be
developed by Toll Brothers in the Phoenix market. It joins Callia,
a four-story, 403-unit apartment community, and Haverly, a
five-story, 323-unit apartment community, which both opened in
Midtown Phoenix in 2022. Canvas, a Toll Brothers Campus Living®
community in Tempe, opened to students in 2021 and was subsequently
sold in 2023.
For more information about Henri visit
LiveHenri.com.
ABOUT TOLL BROTHERS APARTMENT
LIVING®
Toll Brothers Apartment Living is the apartment
development division of Toll Brothers, Inc. (NYSE: TOL), an
award-winning Fortune 500 company, and the nation's leading builder
of luxury homes. Toll Brothers Apartment Living brings the same
quality, luxury, and service for which Toll Brothers is known to
its exceptional rental and mixed-use communities in select markets,
including Atlanta, Boston, Dallas, Los Angeles, New York,
Philadelphia, Phoenix, and Washington, DC. 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 2023, NMHC ranked
Toll Brothers Apartment Living the 6th largest apartment developer
in the United States. The firm has developed nearly 8,900 units,
has more than 5,000 units under management, and controls a national
pipeline of more than 17,500 units.
For more information visit
TollBrothersApartmentLiving.com.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., a Fortune 500 Company, is
the nation's leading builder of luxury homes. The Company was
founded 56 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, move-up, empty-nester,
active-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 in the District of Columbia. The Company operates its
own architectural, engineering, mortgage, title, land development,
smart home technology, and landscape subsidiaries. The Company also
develops master-planned and golf course communities as well as
operates its own lumber distribution, house component assembly, and
manufacturing operations.
Toll Brothers was named the #1 Home Builder in
Fortune magazine’s 2023 survey of the World’s Most Admired
Companies®, the eighth year it has been so honored. Toll Brothers
has also been named Builder of the Year by Builder magazine and is
the first two-time recipient of Builder of the Year from
Professional Builder magazine. For more information
visit TollBrothers.com.
Toll Brothers discloses information about its
business and financial performance and other matters, and provides
links to its securities filings, notices of investor events, and
earnings and other news releases, on the Investor Relations section
of its website (investors.TollBrothers.com).
©2023 Fortune Media IP Limited. All rights
reserved. Used under license. Fortune and Fortune Media IP Limited
are not affiliated with, and do not endorse the products or
services of, Toll Brothers.
ABOUT EJF CAPITAL
EJF Capital LLC is a global alternative asset
management firm headquartered outside of Washington, D.C. As of
March 31, 2023, EJF manages approximately $3.6 billion across a
diverse group of alternative asset strategies. The firm was founded
in 2005 by Manny Friedman and Neal Wilson. Since inception, EJF has
focused on regulatory event-driven investment themes including its
strategy to invest in Qualified Opportunity Zones.
For more information visit EJFCap.com.
ABOUT CITY NATIONAL BANK
With $95.4 billion in assets, City National Bank
provides banking, investment and trust services through 69
branches, including 21 full-service regional centers, in Southern
California, the San Francisco Bay Area, Nevada, New York City,
Nashville, Atlanta, Washington, D.C. and Miami*. In addition, the
company and its investment affiliates manage or administer $94.5
billion in client investment assets.
City National is a subsidiary of Royal Bank of
Canada (RBC), one of the world’s leading diversified financial
services companies. RBC serves more than 17 million personal,
business, public sector and institutional clients through offices
in Canada, the United States and 27 other countries.
For more information visit CNB.com.
*City National Bank does business in Miami and
the state of Florida as CN Bank.
ABOUT BANC OF CALIFORNIA
Banc of California, Inc. (NYSE: BANC) is a bank
holding company with $9.37 billion in assets at June 30, 2023 and
one wholly-owned banking subsidiary, Banc of California, N.A. (the
Bank). The Bank has 33 offices including 27 full-service branches
located throughout Southern California. Through our dedicated
professionals, we provide customized and innovative banking and
lending solutions to businesses, entrepreneurs and individuals
throughout California, and full stack payment processing solution
through our subsidiary Deepstack Technologies. We help to improve
the communities where we live and work, by supporting organizations
that provide financial literacy and job training, small business
support and affordable housing. With a commitment to service and to
building enduring relationships, we provide a higher standard of
banking. We look forward to helping you achieve your goals.
For more information visit BancOfCal.com.
Press Contacts: Frederick N. CooperToll
Brothers, Incfcooper@tollbrothers.com(215) 938-8312
Andrew L. GaglianoToll Brothers Apartment
Livingagagliano@tollbrothers.com(202) 808-2489
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1e6bab47-b585-47f6-b3a6-1c134219004a
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