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Equity Residential, Toll Brothers Forge $1.9B Apartment Venture
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.
- ◦Sale/Acquisition
- ◦Development
- ◦Financing
