Toll Brothers Apartment Living, the joint venture (JV) between Toll Brothers and The Davis Companies, will build Callia, a 403-unit multi-family rental community in Phoenix, Arizona, the US.
The Davis Companies is a Massachusetts-based fully integrated real estate investment, development and management firm.
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Toll Brothers is a Pennsylvania-based Fortune 500 Company and a leading builder of luxury homes in the US.
Pinnacle Financial Partners, which is the administrative agent, and Trustmark will finance this project through a $66m construction loan. Toll Brothers Apartment Living will oversee the marketing activities, development and asset management of this project.
Built on an 8.2-acre site in the Midtown area of Phoenix, Callia will be a four-storey building with one-, two- and three-bedroom luxurious rental apartments and also include nine live-work units.
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Callia will also have surface parking, tuck-under garage and other luxuries, such as an entertainment area, gaming area, yoga as well as cycling studio, resort style pools, pet spa, an area for off-leash dogs and more.
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By GlobalDataThis 403-unit multi-family rental community will provide easy access to uptown, downtown, Tempe and Central Phoenix. The community will also be within walking distance of many retail stores, upscale restaurants, office spaces and more importantly the Valley Metro light-rail stop.
Toll Brothers Apartment Living president Charles Elliott said: “We’re thrilled to expand our Toll Brothers Apartment Living presence in Phoenix and surrounding areas in Arizona. The market has seen significant employer growth bringing in transformative developments to the area. Callia will mark our third multi-family community, joining Haverly, and Canvas – a Toll Brothers Campus Living community, which is adjacent to Arizona State University.”
The Davis Companies SVP for asset management Gary Hofstetter added: “Toll Brothers Apartment Living has been a fantastic partner for our firm. We look forward to continuing our work with them as we enter the fast-growing Phoenix market with this well-located, highly amenitised, luxury community.”
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Built on an 8.2-acre site in the flourishing Midtown area of Phoenix, Callia will be a four-storey building with one-, two- and three-bedroom luxurious rental apartments and also include nine live-work units. Credit: Deborah Cortelazzi/Unsplash.
