Toll Brothers Apartment Living And Willton Investment Management Announce Joint Venture To Develop 456-Unit Luxury Rental Community In Phoenix, Arizona; The Project Is Being Financed Through An $86M Construction Loan Facility
Portfolio Pulse from Benzinga Newsdesk
Toll Brothers, Inc. (NYSE:TOL) and Willton Investment Management have announced a joint venture to develop a 456-unit luxury rental community in Phoenix, Arizona. The project, named Lumara, is being financed through an $86 million construction loan facility from Santander Bank N.A. and Alerus. The community will feature high-end luxury finishes and amenities, and is located near Taiwan Semiconductor Manufacturing Company's future microchip manufacturing plant.
November 09, 2023 | 11:51 pm
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Toll Brothers' new joint venture with Willton Investment Management for a luxury rental community in Phoenix could potentially boost its revenues and profitability in the future.
The joint venture represents a significant investment and potential source of revenue for Toll Brothers. The location of the project, near a future microchip manufacturing plant, suggests potential demand for the rental units. The financing of the project has already been secured, reducing financial risk.
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