Toll Brothers Apartment Living and The Davis Companies Announce Joint Venture to Develop 403-Unit Rental Community in Phoenix, Arizona

JV Secures $66 Million Construction Loan from Pinnacle Financial Partners and Trustmark

FORT WASHINGTON, Pa., April 05, 2021 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living rental subsidiary, and real estate investment firm The Davis Companies, have announced the formation of a new joint venture to develop Callia, a 403-unit multifamily rental community in Phoenix, AZ. The project is being financed through a $66 million construction loan facility from Pinnacle Financial Partners, as administrative agent, and Trustmark. The debt and equity were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development, marketing, and asset management of Callia.

Callia is located on an 8.2-acre site at Central Avenue and Indian School Road in the vibrant Midtown neighborhood of Phoenix. It is within walking distance of the Valley Metro light-rail stop, which offers convenient access to Downtown, Uptown, Central Phoenix and Tempe. It is also within walking distance of a variety of high-end restaurants, grocers, retail stores, and office space.

According to the Arizona Technology Council, “With more than 66,450 tech employees in its boundaries, Phoenix has become a tech hub. Central Avenue in Phoenix has one of the highest concentrations of tech jobs in the region, thanks to the fact that many tech employees prefer a work setting with established nearby neighborhoods and significant amenities.” Phoenix is home to numerous financial services, health care, startup, and technology companies. Fortune 500 and other major employers in the market include Amazon, American Express, Avnet, FedEx, Freeport-McMoRan, GM, Honeywell, Insight Enterprises, Intel, PetSmart, OpenDoor, Republic Services, Wells Fargo, and ZipRecruiter.

Callia will be a 4-story, surface-parked, 403-unit multifamily rental community consisting of market-rate studio, one-, two-, and three-bedroom luxury rental apartments, including 9 live-work units. Callia will include tuck-under garages and luxury amenities, including two resort-style pools with cabanas and spas, an entertainment pavilion, a 4^th floor Sun Lounge with fireplace, gaming room, state-of-the-art fitness center, a yoga studio, cycling studio, off-leash dog area and pet spa, bike storage and on-site retail for Bodega/Coffee.