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