Toll expands with new Apt. communities planned throughout u.S. & Custom builder acquisition9/18/2020 Toll Brothers Inc. and JD Capital USA have formed a new joint venture to develop a 290-unit luxury apartment community outside of Atlanta. The Decatur community, to be called Motto, will be a 5- and 6-story building with a structured parking garage on a 3.2-acre site on East Ponce De Leon Avenue. Motto is part of a larger mixed-use site that will be anchored by a Publix grocery store and additional service-oriented businesses.
Meanwhile, the home building side of the company is expanding into the Colorado Springs market through the acquisition of Keller Homes, one of the top private home building companies in Colorado Springs. Rated in 2020 by USA Today as the “#1 Hottest US Housing Market” and in 2019 by US News & World Report as #3 “Best Place to Live”, Colorado Springs is a dynamic housing market which will complement Toll Brothers’ current operations in metro Denver and Fort Collins. . The Toll/JD Capital JV has secured a $45.7 million construction loan from Santander Bank, N.A., the companies said. Toll Brothers Apartment Living, the Horsham-based builder's rental subsidiary, will manage the development, management, and marketing of Motto. Motto will have 290 units including studio, one-, and two-bedroom apartments. Apartments are a growing business for Toll Brothers. The company is planning a 344-unit tower on land it recently acquired at Broad and Noble streets in Philadelphia. On Sept. 2 Toll announced a new joint venture to develop a 323-unit multifamily rental community in Phoenix, Ariz. In July it announce a new joint venture to develop Ferro, a 379-unit luxury apartment community in downtown Plano, Texas. And in April it announced the formation of a new joint venture to develop Emblem 120, a 289-unit luxury apartment community in Boston’s northern suburbs. Charles Elliott, president of Toll Brothers Apartment Living, said in a statement: “Motto is the third community and newest project Toll Brothers Apartment Living has started in the Atlanta market. We’re excited to grow in this market as we see a significant amount of employer and population growth. Our community will be a great addition to the Decatur neighborhood, offering an elevated suburban living experience with the conveniences of urban living.” Expanding Its Colorado Home Building Footprint David Keller, a 1974 West Point graduate, founded Keller Homes in 1983. His wife Pam Keller has overseen Sales and Marketing functions. Since inception, Keller Homes has built nearly 4,000 homes in the Colorado Springs market. The Company serves a wide range of homebuyers including first-time, move-up, and move-down buyers at price points from the mid-$400,000s to over $700,000. At the date of acquisition, the Company had approximately $44 million in backlog consisting of 84 homes with an average price of $520,000. Keller Homes is a capital-efficient operator that brings a solid supply of controlled lots and a diversified presence across Toll’s luxury, affordable luxury and active living offerings. In addition to Keller’s existing backlog of 84 homes, Toll Brothers has acquired rights to purchase over 300 lots Keller controls throughout Colorado Springs. Currently, the company has 4 active selling communities Reported by Philadelphia Business Journal (Sept. 14, 2020) and One News Page (Sept. 19, 2020) For complete contact information for Toll Brothers and Toll Brothers Apt. Living and the other leading homebuilders and multifamily developers in the U.S. including all corporate, region and division offices and top personnel, refer to The National Builders Directory and Online Database and The Directory of Multifamily Builders & Developers and Online Database.
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