Toll Brothers Apartment Living and Canyon Partners Real Estate Announce New Joint Venture to Develop 331-Unit Rental Community in West Dallas

December 11, 2019

For Immediate Release

HORSHAM, PA – 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 Westerly, a 331-unit, mixed use, luxury apartment community in the West Dallas submarket. The joint venture has secured a $42 million construction loan from BB&T Real Estate Funding LLC. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development of Westerly.  

Westerly is located on a 3.23-acre parcel in close proximity to Trinity Groves, a two phase, 40-acre master-planned entertainment district, featuring restaurants, retail, office space, parks, and a future boutique-hotel. Trinity Groves is one of Dallas’ most desirable dining districts, offering a “restaurant incubator” program, where chefs and entrepreneurs team up with Trinity Groves investors to open restaurants in the facility. Westerly offers excellent transportation options to job centers in Downtown Dallas and Uptown / Victory Park.  Westerly will benefit from Dallas’s outsized employment growth which was more than double the national average from 2018 to 2019. Dallas-Fort Worth is home to 3.8 million workers, 42 Fortune 1,000 companies, including ExxonMobil, AT&T, Energy Transfer, McKesson, American Airlines, Southwest Airlines, Texas Instruments, and Tenet Health, as well as a multitude of small businesses.

Westerly is a 7-story midrise wood frame and podium wrap building with luxury amenities that will include a resort-style pool, two well-appointed club lounges, two-story fitness center with yoga room, stretching room, spin room and outdoor fitness area, conference room, two courtyards, dog spa, demonstration kitchen, makers space, bike lounge with bike storage, workshop and wash station, package lockers, parking garage and a rooftop terrace with Dallas skyline views. Leasing and first move-ins are projected to commence in Spring 2021.

“Westerly will be a new and exciting addition to West Dallas,” said Charles Elliott, President, Toll Brothers Apartment Living. “This dynamic submarket’s proximity to major employment centers and entertainment are the types of locations we pursue as we diversify our offerings in DFW.”

Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, said: “We look forward to working together with Canyon and BB&T on the Westerly project.  We currently have three rental communities totaling over 850 units under construction in metro Dallas with a significant pipeline of future projects on the way.”

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.

Please visit www.TollBrothersApartmentLiving.com for future updates and information regarding the community.

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 move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. It operates in 23 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, 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 also operates its own security company, TBI Smart Home Solutions, which also provides homeowners with home automation and technology options. 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 2019, Toll Brothers was named World’s Most Admired Home Building Company in Fortune magazine’s survey of the World’s Most Admired Companies, the fifth 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. 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), an award-winning Fortune 500 company and the nation’s premier builder of luxury homes. Toll Brothers Apartment Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to upscale urban and suburban rental communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix and Washington, DC. Toll Brothers Apartment Living has developed more than 5,400 units, has more 3,600 units under management and controls a national pipeline of more than 16,400 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 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 $26 billion in assets under management. Over the last ten years, Canyon has invested more than $5.1 billion of debt and equity capital across over 180 transactions capitalizing approximately $13.4 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



MEDIA CONTACT:
Kris Cole
Prosek Partners
(310) 652 1411
[email protected]

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