Developer: Toll Brothers Apartment Living
Toll Brothers Apartment Living, the rental division of Fort Washington, Pennsylvania-based home builder Toll Brothers, has partnered with Arlington, Virginia-based investor EJF Capital to develop a luxury 313-unit multifamily property on a qualified opportunity zone site in downtown Phoenix.
Construction began last month, and the seven-story building is expected to be open and available for move-ins by 2025.
The 2.32-acre opportunity zone site is located on the border of Roosevelt Row, a Phoenix arts and culture destination, and is surrounded by restaurants, cafes, shops, galleries and entertainment venues, according to a press release. The property is near a Valley Metro rail station and bus stops, as well as access to I-10 and I-17.
Henri makes Toll Brothers Apartment Living’s sixth opportunity zone project since the program, which provides incentives for construction in distressed communities, began in 2017. Another Toll opportunity zone project, Vermeer, is under construction in Washington, D.C.’s Buzzard Point neighborhood.
Henri is also the fourth property Toll has developed in the Phoenix market. Previous projects include Callia and Haverly, which opened in midtown Phoenix in 2022, and Canvas in Tempe, Arizona, which opened in 2021 and was sold to Tempe-based student housing manager University Partners in 2022.
Units will range from studios to one- and two-bedroom apartments, each one equipped with keyless locks. The open floor plans will include custom kitchen cabinets, stainless steel appliances, wood-style flooring and quartz kitchen and bathroom counters.
More than 36,000 square feet of amenities on site will include:
- A resident lounge, a club and game room and a library and study room.
- A chef demonstration kitchen and dining area.
- Collaborative coworking spaces.
- A listening lounge and studio booths.
- A resort-style pool and courtyard.
- A rooftop deck.
- Pet-friendly services.
- A 455-space parking garage with electric vehicle charging stations.
The project will be financed through a $65 million construction loan facility. Los Angeles-based City National Bank served as Toll Brothers’ agent, and Santa Ana, California-based Banc of California provided the funds.