Toll Brothers Apartment Living and Equity Residential Celebrate the Groundbreaking of Three New Luxury Rental Communities in North Texas

The groundbreaking marks the start of construction of more than 1,000 luxury units throughout Dallas-Fort Worth area, and kicks off joint venture between Toll Brothers Apartment Living and Equity Residential

DALLAS, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury homes, and Equity Residential (NYSE: EQR), an S&P 500 company focused on the acquisition, development, and management of residential rental properties located in and around dynamic cities, today celebrated the groundbreaking of three new luxury rental communities totaling 1,053 units in the Dallas-Fort Worth metropolitan area.

Lyle, Remy, and The Settler represent the first three joint ventures in North Texas under the strategic relationship that Toll Brothers and Equity Residential established in 2021. The three communities join the continued expansion of Toll Brothers Apartment Living in Texas, with future communities in the state planned for Austin and Houston.

Hosted at the construction site of Lyle in Dallas, the October 27 groundbreaking celebration was attended by senior executives from Toll Brothers Apartment Living and Equity Residential, and members of the media.

“We are excited to break ground on our first three Class A residential development projects in Texas as part of our new partnership with Equity Residential. Through our continued successful partnership, we look forward to providing thoughtfully designed and uniquely elevated apartment homes,” said Charles Elliott, President of Toll Brothers Apartment Living. “These communities are located in some of the most vibrant and desirable neighborhoods of the Dallas-Fort Worth market, offering the perfect blend of lifestyle and luxury with everything a resident would need and want right outside their doorstep.”

The three new communities currently under construction in North Texas include:

• Lyle, a five-story, 334-unit multifamily rental community in Dallas. Located at the intersection of Trinity Mills and Addison Road, and adjacent to the Dallas North Tollway, the site offers great access to several employment hubs including the Galleria Dallas, Legacy Business Park, Granite Business Park, Las Colinas, CityLine, Hall Park, and The Star, which is located within the $5 Billion Mile. The project is being financed through a construction loan facility from Santander Bank, N.A. Lyle broke ground in August 2022 and is anticipated to open in spring 2024.