Equity Residential (EQR) and Toll Brothers Apartment Living have formed a strategic partnership to develop new rental apartment communities in key U.S. markets. They’re targeting approximately $1.9 billion in projects, assuming 60% leverage.
Over the next three years, EQR will invest 75% of the equity for each selected project and Toll Brothers will invest 25%. The partnership initially will focus on six metro markets where both companies have a significant or growing presence: Atlanta; Austin; Boston; Denver; Orange County/San Diego; and Seattle, along with Dallas-Fort Worth, a market that EQR recently re-entered.
“This venture will marry Equity Residential’s market knowledge and balance sheet strength with Toll Brothers’ existing deep development capability to produce high quality apartment properties in our expansion markets and predominantly suburban locations in our existing markets that appeal to our affluent renter demographic,” said Mark J. Parrell, president and CEO of Chicago-based EQR.
Pictured: EQR’s Radius Uptown Apartments in Denver.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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