Toll Brothers, CanAm to develop student housing community in Florida, US

WCN Editorial Team 26 Oct 2021 NORTH AMERICA BUILDINGS

Toll Brothers, through its Toll Brothers Campus Living division, has formed a joint venture (JV) with CanAm Capital Partners to develop Lapis, a luxury student housing community in Miami, Florida, the US.

CanAm Capital Partners is the private-equity affiliate of CanAm Enterprises.

The new 293-unit, student housing community is planned to be built at Florida International University (FIU) in Miami.

Furthermore, the JV has secured a $103m loan facility from Ocean Bank, to fund the project.

Toll Brothers Campus Living will be responsible for managing the development, construction, marketing, and asset management of the Lapis project.

Located directly north of, and across from FIU’s main campus, the 21-storey Lapis development will comprise 1,086 beds across market-rate studio, one-, two-, three-, four-, and five-bedroom luxury rental apartments.

The community will feature luxury amenities, walkability to campus, individual leases, multiple study lounges, a resort-style pool, fitness centre, bike storage, club room, outdoor kitchens, business centre, among others.

Toll Brothers Apartment Living president Charles Elliott said: “We are excited to develop our first multifamily project in Florida. Lapis will be a great addition to the FIU community, providing students the same quality and service we’re known for throughout the country.”

CACP Project Development director John Reid said: “Lapis is a strategic project that will serve the growing demand for student housing in the FIU market. This closing marks our eighth investment in Florida projects over the last year.”

In a separate announcement, real estate investment company FCP has formed a JV with The Community Builders (TCB) for the adaptive reuse redevelopment of the Johnston Mill property in the NoDa neighbourhood of Charlotte in North Carolina, the US.

Estimated to cost $50m, the project involves the development of 419 and 423 E. 36th Street and the adaptive reuse redevelopment of 3315 N. Davidson Street.

The project aims to transform the 100+ year old 3315 building and the adjacent parcels under a new name, NoDa Wandry, comprising 235 apartment units.

The Lapis student housing community will be built at Florida International University in the US. Credit: Photo Mix/Pixabay.

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