PHOENIX, AZ – Toll Brothers Apartment Living, the rental division of Toll Brothers (NYSE: TOL), the nation s leading builder of luxury homes, and EJF Capital have announced a joint venture to develop Henri in downtown Phoenix, Ariz. The project is being financed through a $65 million construction loan facility. Henri will be a seven-story, 313-unit luxury mid-rise rental community. Construction on Henri began in July 2023 and is anticipated to be completed with first residency in 2025.
We are delighted to once again partner with EJF Capital to develop a spectacular luxury apartment community in vibrant downtown Phoenix, said John McCullough, President of Toll Brothers Apartment Living. This collaboration underscores our commitment to delivering exceptional apartment living experiences. Together, we will create an unparalleled residential haven in the heart of Phoenix with the same quality, luxury, and service for which Toll Brothers is already known in this market.
Henri will offer a mix of studio, one- and two-bedroom floor plans. The luxury residences will feature spacious open floor plans and intuitive design, with custom kitchen cabinets, stainless steel appliances, Moen® plumbing finishes, quartz kitchen and bathroom counters, wood-style flooring, and innovative smart home features including keyless locks.
The community will include more than 36,000 square feet of indoor and outdoor amenities space including a resident lounge, a chef demonstration kitchen and dining spaces, a state-of-the-art fitness center, collaborative coworking spaces, a club and game room with fireplace, listening lounge, studio-inspired creator booths, a library and study room, a resident bar, a resort-style pool and courtyard, a sun lounge, a rooftop deck, and pet-friendly amenities. The community will also include a 455-space structured parking garage featuring EV (electric vehicle) charging stations.
Downtown Phoenix has become a dynamic neighborhood replete with stunning architecture, a diverse range of dining, shopping and night life, as well as a thriving artistic community, which all serve to make it an exciting place to call home, said Todd Bowden, Managing Director for the southwest region of Toll Brothers Apartment Living. We are very excited to bring the Toll Brothers lifestyle to this area.
Located at 502 West Van Buren Street and situated on a 2.32-acre site, Henri will be constructed in a Qualified Opportunity Zone. Henri is centrally situated in a walkable neighborhood bordering the iconic Phoenix cultural arts district Roosevelt Row and is surrounded by restaurants, bars, cafes, shops, boutiques, art galleries, entertainment venues, and other neighborhood-serving retail opportunities. Perfect for those seeking luxury apartment living in the heart of downtown Phoenix, Henri will offer easy access to major roadways including I-10 and I-17, as well as convenient public transit opportunities with nearby stops for Valley Metro rail and bus routes.
We are pleased to be teaming with EJF Capital to develop our second apartment community together, said Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers. Henri also is the sixth Opportunity Zone project Toll Brothers Apartment Living is developing nationwide. We appreciate the support of City National Bank as agent and Banc of California for providing us with this $65 million construction loan.
We are thrilled to be working with Toll Brothers Apartment Living on this exciting project, which will fill a strong need for multifamily housing in this dynamic market, said Asheel Shah, Senior Managing Director and Head of Real Estate Development at EJF. Our lenders see the significant potential of downtown Phoenix, which is home to vibrant and walkable neighborhoods anchored by a robust retail, restaurant and entertainment hub.
Henri is the fourth multifamily community to be developed by Toll Brothers in the Phoenix market. It joins Callia, a four-story, 403-unit apartment community, and Haverly, a five-story, 323-unit apartment community, which both opened in Midtown Phoenix in 2022. Canvas, a Toll Brothers Campus Living® community in Tempe, opened to students in 2021 and was subsequently sold in 2023.