HORSHAM, PA, September 2, 2020 – Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental subsidiary, and real estate investment firm Canyon Partners Real Estate, have announced the formation of a new joint venture to develop Haverly, a 323-unit multifamily rental community in Phoenix, AZ. The joint venture has secured a $53.1 million construction loan from Washington Federal Bank,(WaFd Bank). The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development of Haverly.
Haverly is located on a 4.0 acre land site at Central Avenue and Thomas Road in the vibrant Midtown submarket of Phoenix. Adjacent to the Valley Metro rail stop, the community location offers convenient light rail access to Downtown, Sky Harbor Airport and Tempe. Phoenix has experienced robust economic expansion in recent years, benefitting from exceptionally strong job and population growth including nation leading net migration of over 77,000 people in 2019, and has proven resilient since the onset of the COVID-19 pandemic with recovered job losses well exceeding the national average. Phoenix is home to numerous financial services, health care, startup, and technology companies. Fortune 500 employers in the market include Amazon, American Express, Avnet, FedEx, Freeport-McMoRan, GM, Honeywell, Insight Enterprises, Intel, PetSmart, OpenDoor, Republic Services, Wells Fargo, and ZipRecruiter.
Haverly will be a 5-story, midrise building wrapped around an eight-story parking structure with luxury amenities including a resort-style pool, rooftop deck, state-of-the-art fitness center, electric car charging stations, resident clubroom, dog park and pet spa, and community-wide WiFi. The community will offer 323 apartment homes with various floor plan styles across a mix of studio, one, and two-bedroom apartments. Residents will enjoy convenient access to restaurants, retail stores, and office space all within a 5-minute walk from the community.
Charles Elliott, President of Toll Brothers Apartment Living, said, “Toll Brothers Apartment Living is excited to build our second multifamily community in the Phoenix market. Our student housing community, Canvas, opened for leasing in August located near Arizona State University. Haverly will benefit from Toll Brothers’ established for-sale brand presence in Phoenix and a strong employment base that the market offers.”
Fred Cooper, Toll Brothers’ Senior Vice President, Finance and Investor Relations, stated: “We look forward to working again with Canyon Partners to develop our first market rate rental deal in Phoenix. We also are pleased to undertake our first deal with WaFd Bank, which is a leading lender in this market.”
“Toll Brothers has been building homes and developing for-sale communities in the metro Phoenix area for over twenty-five years. We are excited to have a prospective pipeline of future rental projects to complement our strong home building presence and a burgeoning single-family rental business in the area as well.”
Canyon Partners Real Estate has deployed over $900 million of debt and equity into multifamily projects, supporting the financing of $2.8 billion of assets over the last five years.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company began business over fifty 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, affordable luxury and second-home buyers, as well as urban and suburban renters. It operates 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.
Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries. Toll Brothers operates its own alarm monitoring company through TBI Smart Home Solutions, a complete home technology division. In addition to providing security monitoring, TBI Smart Home Solutions offers homeowners a full range of low voltage options, allowing buyers to maximize the potential of technology in their new home. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital.
In 2020, Toll Brothers was named World’s Most Admired Home Building Company in Fortune magazine’s survey of the World’s Most Admired Companies®, the sixth year in a row it has been so honored. Toll Brothers has won numerous other awards, including Builder of the Year from both Professional Builder magazine and Builder magazine, the first two-time recipient from Builder magazine. The Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information visit www.TollBrothers.com.
ABOUT TOLL BROTHERS APARTMENT LIVING®
Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL). Toll Brothers Apartment Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to upscale rental communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix and Washington, DC. Toll Brothers Apartment Living was ranked 11th largest apartment developer in the U.S. in 2020 by the National Multi-Family Housing Council. The firm has developed more than 6,200 units, has more 4,000 units under management and controls a national pipeline of more than 16,700 units. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of the nation’s leading builder of luxury homes. For more information visit www.TollBrothersApartmentLiving.com.
ABOUT CANYON PARTNERS REAL ESTATE LLC
Founded in 1991, Canyon Partners Real Estate LLC® ("Canyon") is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $25 billion in assets under management. Over the last ten years, Canyon has invested more than $5.6 billion of debt and equity capital across 197 transactions capitalizing approximately $14.6 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With over 28 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts).
For more information visit: www.canyonpartners.com
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