Sam Zell’s Equity Residential and homebuilder Toll Brothers are promising to build more than 1,000 apartments throughout the Dallas-Fort Worth metroplex, according to the Dallas Morning News.
While Toll Brothers has developed several DFW apartment communities in the past, these new projects are the first joint developments with Equity since the firms launched their $1.9 billion joint venture last year.
The partnership set out to meet the growing demand for rental units stemming from an increasingly unaffordable housing market. The planned projects will reportedly target the country’s major markets — Boston, Seattle, Atlanta, Denver, Austin, San Diego and Dallas-Fort Worth.
Around the same time the partnership was announced, Toll Brothers was also making headlines for several lawsuits over defective homes it built in an upscale Florida golf community.
The three new projects are in Dallas, Frisco and Fort Worth. Santander Bank is financing the Dallas and Frisco projects, while U.S. Bank is providing the construction loan for the Fort Worth community. Nationwide, Equity Residential is investing 75 percent of the equity in the properties and Toll Brothers is expected to provide the rest.
“In addition to these three projects we are developing together in metro Dallas, Equity Residential recently acquired three other communities totaling 909 units that Toll Brothers Apartment Living has recently developed with other partners in the Dallas and Atlanta markets,” said Toll Brothers Chairman Douglas Yearley.
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