Toll Brothers, Inc. and Equity Residen announced plans to develop three new luxury rental communities totaling 1,053 units in the Dallas-Fort Worth metropolitan area. These projects represent the first three joint ventures under the strategic relationship that Toll Brothers and Equity Residential established in 2021. Through the partnership, the parties initially intend to focus on selectively acquiring and developing sites for apartment rental communities in specific metro markets, including Dallas-Fort Worth, where both parties have a significant or growing presence.

Under the partnership, Equity Residential has committed to invest 75% of the equity for each selected project and Toll Brothers will invest 25%. It is expected that each project will also be financed with approximately 60% leverage. Equity Residential will have the option to acquire each property upon stabilization.

The parties have targeted an initial minimum co-investment of approximately $750 million in combined equity, or nearly $1.9 billion capacity, assuming 60% leverage. The three new communities to be developed by Toll Brothers and Equity Residential are all located in metro Dallas-Fort Worth. The Settler is a four-story, 362-unit multifamily rental community in Fort Worth being financed through a construction loan facility from U.S. Bank.

Remy is a five-story, 357-unit multifamily rental community in Frisco Square being financed through a construction loan facility from Santander Bank, N.A. Lyle is a five-story, 334-unit multifamily rental community in Dallas also being financed through a construction loan facility from Santander Bank, N.A. The loans were arranged by Toll BrothersÆ in-house Finance Department. The Settler will consist of 362 apartment units and a 543-space parking garage with bicycle storage and a sky lounge overlooking downtown Fort Worth. Located at 204 Athenia Drive in the heart of Fort WorthÆs River District, the site is in close proximity to Fort WorthÆs Central Business District, Cultural, and Medical districts, and the historic Fort Worth Stock Yards.

The Settler is just steps away from the scenic Trinity RiverÆs hike and bike trails, various museums, The Fort Worth Botanical Garden, the Fort Worth Zoo, and just north of PGA Tour Host Colonial Country Club. Remy will consist of 357 apartment units and features a 545-space parking garage. The project is located in the vibrant Frisco Town Center in the Dallas suburb of Frisco at the intersection of Gordon and Church Streets.

Frisco is one of the most affluent and desirable suburbs of Dallas. The site is located along FriscoÆs North Platinum Corridor, a Development Center on the Dallas North Tollway. Residents will benefit from walkability to an abundance of amenities, including restaurants, retail, a Cinemark movie theater, a free public library, and MLS franchise FC DallasÆ soccer stadium.

It is also located adjacent to FriscoÆs City Hall and Medical City Frisco hospital. Lyle will consist of 334 apartment units and features a 475-space parking garage. Lyle is located at 17727 Addison Road, ideally positioned at the intersection of Trinity Mills and Addison Rd., and adjacent to the Dallas North Tollway.

The site offers great access to several employment hubs including the Galleria Dallas, Legacy Business Park, Granite Business Park, Las Colinas, CityLine, Hall Park, and The Star, which is located within the $5 Billion Mile. Each community will feature high-end luxury finishes and residents will enjoy a best-in-class amenity package, including a resort-style pool, a pet spa, co-working spaces, fitness centers, and much more.