Toll Brothers, Inc. (NYSE: TOL), through its Toll Brothers Apartment Living rental subsidiary, and real estate investment firm Canyon Partners Real Estate, have announced the formation of a new joint venture to develop Westerly, a 331-unit, mixed use, luxury apartment community in the West Dallas submarket.
The joint venture has secured a $42 million construction loan from BB&T Real Estate Funding LLC. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development of Westerly.
Westerly is located on a 3.23-acre parcel in close proximity to Trinity Groves, a two phase, 40-acre master-planned entertainment district, featuring restaurants, retail, office space, parks, and a future boutique-hotel. Trinity Groves is one of Dallas’ most desirable dining districts, offering a “restaurant incubator” program, where chefs and entrepreneurs team up with Trinity Groves investors to open restaurants in the facility. Westerly offers excellent transportation options to job centers in Downtown Dallas and Uptown / Victory Park.
Westerly is a 7-story mid-rise wood frame and podium wrap building with luxury amenities that will include a resort-style pool, two well-appointed club lounges, two-story fitness center with yoga room, stretching room, spin room and outdoor fitness area, conference room, two courtyards, dog spa, demonstration kitchen, makers space, bike lounge with bike storage, workshop and wash station, package lockers, parking garage and a rooftop terrace with Dallas skyline views. Leasing and first move-ins are projected to commence in Spring 2021.
“Westerly will be a new and exciting addition to West Dallas,” said Charles Elliott, president, Toll Brothers Apartment Living. “This dynamic submarket’s proximity to major employment centers and entertainment are the types of locations we pursue as we diversify our offerings in DFW.”
Fred Cooper, Toll Brothers’ senior VP for finance, international development and investor relations, said: “We look forward to working together with Canyon and BB&T on the Westerly project. We currently have three rental communities totaling over 850 units under construction in metro Dallas with a significant pipeline of future projects on the way.”
