Toll Brothers Apartment Living® and PGIM Real Estate Announce Joint Venture to Develop 376-Unit Rental Community in Atlanta, GA
Toll Brothers, Inc. (“Toll Brothers”), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental subsidiary, and PGIM Real Estate have announced the formation of a new joint venture to develop Momentum Midtown, a 36-story, 376-unit luxury rental apartment community at 1018 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. Toll Brothers Apartment Living will manage the development, marketing, leasing and property management of 1018 West Peachtree.
Momentum Midtown is located within a five-minute walk of the Georgia Institute of Technology campus in Atlanta’s Midtown community between the Downtown and Buckhead neighborhoods. With superior access to I-75/85, GA-400, MARTA rail stations, and Hartsfield-Jackson International Airport, the property benefits from convenient access to many of the area’s major transportation corridors, employment centers and employers, including FORTUNE 500 companies such as Google, NCR, AT&T, and Coca-Cola. Atlanta has the South’s second-largest pool of tech workers and the property’s adjacency to Georgia Tech and 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.
Momentum Midtown, located on a .83-acre site, will consist of 376 market rate studios, one-, two-, and three-bedroom luxury rental apartments and a 431-space parking garage. The community will feature a resort-style rooftop pool and lounge with cabanas, outdoor bar, dining room, exhibition kitchen, theater, indoor/outdoor game room and a sky lounge. Other amenities include a state-of-the-art fitness center, luxurious club room and coffee bar, co-working space, high-speed Wi-Fi throughout the property and pet spa.
Charles Elliott, President of Toll Brothers Apartment Living, said, “Momentum Midtown will mark our fourth project in the thriving Atlanta market. We’re looking forward to building another community with the same elevated customer experience and quality that we are known for nationwide.”
Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, said, “We are thrilled to once again team up with PGIM Real Estate and Wells Fargo to develop another exciting urban community. Located in the midst of Atlanta’s vibrant tech hub, Momentum Midtown highlights why we continue to develop in top-quality locations in dynamic major cities, which are magnets for knowledge-based industries.”
Please visit www.TollBrothersApartmentLiving.com for future updates and information regarding the community.
1) As of June 30, 2021. AUM reflected as gross. Net AUM is $130B and AUA is $43B.
2) Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.
About Toll Brothers
Toll Brothers, Inc., a FORTUNE 500 Company, is the nation’s leading builder of luxury homes. The Company was founded over 50 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. 2021 marks the 10th year Toll Brothers has been named to FORTUNE magazine’s World’s Most Admired Companies® list. Toll Brothers has also been honored as Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year by Professional Builder magazine. For more information visit TollBrothers.com.
About Toll Brothers Apartment Living®
Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL). Toll Brothers Apartment Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to upscale rental communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix and Washington, DC. Toll Brothers Apartment Living was ranked 11th largest apartment developer in the U.S. in 2020 by the National Multi-Family Housing Council. The firm has developed more than 8,100 units, has more 5,300 units under management and controls a national pipeline of more than 14,800 units. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of the nation’s leading builder of luxury homes. For more information visit TollBrothersApartmentLiving.com.
About PGIM Real Estate
As one of the largest real estate managers in the world with US$195 billion in gross assets under management and administration1, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the US$1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing2, and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
Frederick N. Cooper – Media Contact – firstname.lastname@example.org – (215) 938-8312
Source: Toll Brothers, Inc.