Toll Brothers’ next apartment play is in Arizona.
The homebuilder’s apartment division secured $65 million in construction financing from Banc of California for Henri, a 313-unit collaboration with EJF Capital in Phoenix, Multi-Housing News reported.
The development was first unveiled in October 2022, and ground was broken on the site in July.
Architects Orange is handling the architectural design, with branding and interior design being handled by Streetsense.
Once completed, Henri will be a seven-story midrise community with one-, two-, and three-bedroom apartments, all featuring keyless entry locks.
The development will include over 36,000 square feet of both indoor and outdoor amenity spaces with resident lounge, a fully-equipped kitchen for chef demonstrations, a fitness center, a club and game room complete with a fireplace, a library, and a resident bar, a pool, sun lounge, and rooftop deck.
Notably, coworking spaces and creator booths will be available to the residents, catering to modern work-from-home trends. Additionally, a 455-space parking garage, equipped with electric vehicle charging stations, will address residents’ parking needs.
Henri’s location at 502 W. Van Buren Street places it within a walkable neighborhood with a range of dining and retail choices. The community is adjacent to the vibrant Roosevelt Row, Phoenix’s cultural arts district, and benefits from proximity to major highways like Interstates 10 and 17, as well as several Valley Metro rail and bus routes.
The project is Toll Brothers’ sixth in an Opportunity Zones, with other such developments in Connecticut, Pennsylvania, California, and Washington, D.C.
This spring, the publicly traded homebuilder’s apartment division and Harris Realty Company entered into a joint venture to develop a six-story, 393-unit multifamily complex in South Norwalk.
The project, named Piper, is being financed with a $136 million construction loan from Wells Fargo and TD Bank.
— Ted Glanzer