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Toll Brothers Apartment Living and Canyon Partners Real Estate Announce New Joint Venture to Develop 400-Unit Luxury Rental Community in Mesa, Arizona

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JV Secures $78 Million Construction Loan from Bank OZK

Toll Brothers, Inc. (NYSE: TOL) (, the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and real estate investment firm Canyon Partners Real Estate, have announced the formation of a new joint venture to develop Navona, a garden-style, 400-unit luxury multifamily rental community in the Phoenix suburb of Mesa, Arizona. The joint venture has secured a $78 million construction loan from Bank OZK. The equity and debt were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development of Navona.

Navona is adjacent to the SR-24 expansion in Mesa, one of the fastest growing submarkets in the Phoenix metro area providing convenient access to main employment corridors. Recent expansions to the area include Intel’s Chandler Campus, bringing an estimated 18,000 jobs to the local community. Meta, Amazon, and Apple have also grown their presence in Phoenix, bringing additional job opportunities to the surrounding areas. The community is also well-positioned to benefit from the 400-acre Phoenix Mesa Gateway terminal expansion which includes SkyBridge Arizona.

The garden-style community will offer 400 rental apartments with various floor plan styles across a mix of one-, two- and three-bedroom apartments as well as over 800 parking spaces. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including pickleball courts, a clubhouse, expansive outdoor space, and an entertainment pavilion with a resort-style pool.

John McCullough, President of Toll Brothers Apartment Living, said, “Navona represents Toll Brothers’ sixth multifamily community development in Arizona, and we look forward to another successful project in the fast-growing Phoenix submarket of Mesa.”

Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, “We are thrilled to once again be working with Canyon Partners as our joint venture partner. This is our fourth joint venture with Canyon in projects with total capitalization of nearly $500 million across a variety of markets. It also represents another exciting project that Bank OZK is financing for Toll Brothers-led joint ventures across our condo and rental platforms, and we appreciate their continued partnership.”

Canyon has been an active provider of debt and equity in multifamily and continues to invest in real estate projects in primary and secondary markets across the United States. Since its inception, Canyon has invested approximately $2.7 billion in debt and equity to capitalize ~$13.0 billion of total projects across multifamily investments.

“Bank OZK is pleased to provide construction financing to Toll Brothers and its joint venture partners on another highly desirable project,” said Jason Choulochas, Managing Director, Originations at Bank OZK. “Navona offers an unmatched residential living experience that blends outstanding design, contemporary conveniences, and a vibrant sense of community.”

For future updates and information regarding this community, please visit

About Toll Brothers

Toll Brothers, Inc., A FORTUNE 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 55 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 over 60 markets 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.

Toll Brothers was named the World’s Most Admired Homebuilder in FORTUNE magazine’s 2022 survey of the World’s Most Admired Companies®, the seventh year it has been so honored. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (

About Toll Brothers Apartment Living

Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL), an award-winning Fortune 500 company, and the nation’s leading builder of luxury homes. Toll Brothers Apartment Living brings the same quality, luxury, and service for which Toll Brothers is known to its exceptional rental and mixed-use communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix, and Washington, DC. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of America’s Luxury Home Builder®. In 2023, NMHC ranked Toll Brothers Apartment Living the 6th largest apartment developer in the United States. The firm has developed nearly 8,900 units, has more than 5,000 units under management, and controls a national pipeline of more than 17,500 units. For more information visit

About Canyon Partners Real Estate

Founded in 1991, Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with approximately $24.9 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.6 billion of debt and equity capital across over 200 transactions capitalizing approximately $21.5 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit:

About Bank OZK

Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended September 30, 2023, RESG originated over $41 billion in new loans. For more information, visit


Frederick N. Cooper – Media Contact – – (215) 938-8312

Source: Toll Brothers, Inc.