Toll Brothers, Canyon Partners to develop apartment community in Texas, US

WCN Editorial Team 13 Dec 2019 NORTH AMERICA BUILDINGS

Toll Brothers Apartment Living, a subsidiary of Toll Brothers, and Canyon Partners Real Estate have established a new joint venture for the development of a luxury apartment community in West Dallas, Texas.

The project, named Westerly, is a 331-unit mixed-use community to be built on 3.23-acre land located near Trinity Groves, a 40-acre master-planned entertainment district.

The two-phase, Trinity Groves will feature restaurants, retail, office space, parks, and a future boutique-hotel.

The joint venture has secured a loan of $42m from BB&T Real Estate Funding. The in-house Finance Department of Toll Brothers has arranged debt and equity financing while the development of Westerly will be managed by Toll Brothers Apartment Living.

Toll Brothers Apartment Living president Charles Elliott said: “Westerly will be a new and exciting addition to West Dallas.

“This dynamic submarket’s proximity to major employment centres and entertainment are the types of locations we pursue as we diversify our offerings in DFW.”

The seven-storey, Westerly is a midrise wood-frame and podium wrap building that features a resort-style pool, two club lounges and a two-storey fitness centre with yoga room, a stretching room and a spin room.

The project also includes an outdoor fitness area, a conference room, two courtyards, a dog spa, a demonstration kitchen, maker’s space, bike lounge along with bike storage, workshop and wash station, package lockers, a parking garage and a rooftop terrace with Dallas skyline views.

Toll Brothers international development and investor relations finance senior vice president Fred Cooper said: “We look forward to working together with Canyon and BB&T on the Westerly project.

“We currently have three rental communities totalling over 850 units under construction in metro Dallas with a significant pipeline of future projects on the way.”

Leasing and first move-ins to the project are expected to begin in spring 2021.

Canyon Partners Real Estate is a real estate investment firm that has deployed more than $900m of debt and equity into multifamily projects while supporting the financing of $2.8bn of assets over the last five years.

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Image: Rendering of Westerly in West Dallas. Photo: courtesy of Toll Brothers, America's Luxury Home Builder.

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