Plans are underway to build 3 Toll-Equity residential apartment communities, which will bring 1,053 new units to the Dallas-Fort Worth area. Last year, Toll Brothers and Equity Residential formed a partnership and are currently working on building their first three residential communities.

Going forward, the two companies will focus on developing sites for luxury rental apartment communities in specific metropolitan markets. Especially in areas where they have a large or growing presence like Dallas-Fort Worth in Texas.

Look for construction leads

The Toll-Equity residential apartment project is spread over 3 sites in Dallas/Ft. Worth area, which includes Fort Worth, Frisco Square and Dallas. According to Charles Elliot, president of Toll Brothers, these communities are located in some of the most desirable neighborhoods in the region. Therefore, he said the apartments would provide residents with the perfect blend of luxury and lifestyle at the center of it all.

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Toll-Equity Residential Apartment Development Plans

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 543 spaces for garage and bicycle storage, as well as a sky lounge. Boasting a location at 204 Athenia Drive, the property is a short distance from the scenic hiking and biking trails of the Trinity River. The US 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-storey building will include 357 multi-family rental apartments, as well as a 545-space parking garage. Its location is close to Frisco’s North Platinum Corridor and it offers walking accessibility to an abundance of amenities. Many of these amenities include restaurants, retail, a Cinemark movie theatre, a free public library, and the MLS FC Dallas franchise football stadium. Santander Bank, N. A is financing the project through a construction loan.

Finally, the Toll-Equity residential apartment project also includes the 5-story Lyle community to be developed in Dallas. This building will include 334 units as well as a 475-space parking lot. In addition, its location is ideally positioned at the intersection of Trinity Mills, to provide residents with access to several employment centers. 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 is designed to include high-end luxury finishes. Therefore, these communities will offer several top-notch gear sets.

Project funding

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 capital, which will be invested in each selected project.

Equity Residential has committed to invest 75% of the capital, while Toll Brothers will invest 25%. If 60% leverage is achieved, their minimum initial co-investment would be approximately $750 million in combined equity.