Toll Brothers Apartment Living® and Principal Real Estate Investors Announce Joint Venture to Develop 300-Unit Rental Community in Saugus, Massachusetts
Toll Brothers, Inc. (“Toll Brothers”), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental division, and Principal Real Estate Investors have announced the formation of a new joint venture to develop Atwood, a 300-unit multifamily rental community in Saugus, MA. The project is being financed through a $68 million construction loan facility from Citizens as Lead Administrative Agent, and Comerica Bank. The debt and equity were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development, marketing, and property management.
Atwood is located on a 28-acre site in a secluded suburban setting, just 10 miles north of Downtown Boston, adjacent to the vibrant Route 1 retail corridor. There is an abundance of shopping, dining, fitness, and recreation options within a 2-mile radius. Food and convenience options include Trader Joe’s, Stop and Shop, Walmart, Walgreens, and CVS. Dining options include many national chains as well as local establishments. Fitness studios such as Orange Theory Fitness, Title Boxing, VitalCycle and ATCK Fitness complement the 650+ acres of trails in nearby Prankers Pond and Breakheart Reservation.
Atwood will consist of 300 rental apartments, including 225 market-rate and 75 affordable-rate units, in five stories of slab-on-grade, wood-frame construction with surface parking and 25 garage parking space. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness center, resident lounge, mail room, private dining room with chef’s kitchen, indoor climbing wall, art room, sky lounge with outdoor terrace, resort-style pool, outdoor seating and grills & fire pit and outdoor fitness equipment. The project sits atop a hill offering unobstructed views of the Boston skyline.
Charles Elliott, President of Toll Brothers Apartment Living, stated: “Atwood will join multiple successful Toll Brothers Apartment Living projects in the Boston market. We’re excited for the opportunity to continue our growth in the diverse region and Atwood will elevate residential offerings in the market.”
Fred Cooper, Toll Brothers’ Senior Vice President, Finance and Investor Relations, stated: “We look forward to our first venture with Principal Real Estate Investors and the opportunity to again work with lenders Citizens and Comerica to develop Atwood, which consists of 300 units, 25% of which are much-needed affordable-rate units.”
“We remain very busy in the dynamic metro Boston market. We are currently developing a variety of rental communities. These range from suburban garden-style residences to high-density communities of over 500 units with structured parking in places such as Cambridge, to a new planned 34-story tower in downtown Boston.”
John Carrick, Managing Director for Principal Real Estate Investors, stated: “Atwood meets the characteristics Principal is currently looking for in a real estate development, and we are pleased to combine the local market expertise Toll Brothers possesses with our national real estate capabilities. As our new joint venture partnership gets underway, Principal will provide a strong foundation and continued growth through our experience in the Boston, Class A multifamily development market.”
Please visit TollBrothersApartmentLiving.com for future updates and information regarding the community.
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 Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $96.0 billion in commercial real estate assets (as of June 30, 2021). The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
Frederick N. Cooper – Media Contact – email@example.com – (215) 938-8312
Source: Toll Brothers, Inc.