Toll Brothers, PGIM Real Estate to Develop 36-Story Apartment Complex in Atlanta’s Midtown
Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc., and PGIM Real Estate have formed a joint venture to develop Momentum Midtown, a 36-story, 376-unit apartment community on West Peachtree Street in the heart of Atlanta’s tech community.
The joint venture has secured a $96 million construction loan facility from Wells Fargo Bank N.A. The debt and equity financing were arranged by Toll Brothers’ in-house finance department, while Toll Brothers Apartment Living will handle development, marketing, leasing and property management.
The property’s proximity to the Georgia Tech Technology campus in Atlanta’s Midtown plus its location two blocks south of Google’s planned 475,000-square-foot Midtown office places it at the center of Atlanta’s tech innovation community. (According to a Toll Brothers statement, Atlanta has the South’s second-largest pool of tech workers.)
Momentum Midtown, situated on a .83-acre site, will consist of 376 studios, one-, two- and three-bedroom units and a 431-space garage.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.