ATLANTA, GA - Toll Brothers, the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living rental subsidiary, along with its joint venture partner The Davis Companies, announced that the partnership has secured a $51 million construction loan facility from Capital One for the construction of Oleander, a 348-unit luxury apartment community in Atlanta, Georgia. The total project cost is approximately $78 million. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department.
Leasing is projected to commence in mid-2019. Affiliates of Toll Brothers Apartment Living will manage Oleander’s development, marketing, leasing and property management.
Oleander is located on a 4.1-acre parcel within Emory University’s 60-acre master-planned medical campus. Within the master plan and adjacent to the site is the Atlanta Hawks practice facility, as well as Emory’s orthopedic outpatient care facility. Walkable from the site across North Druid Hill Road is Children’s Healthcare of Atlanta’s new campus, including a 260,000 SF pediatric ambulatory center, and a $1.3 billion, 446-bed children’s hospital.
Oleander will feature highly sought after, boutique-inspired amenities such as a resort-style pool, a state-of-the-art fitness center, a luxurious club room with coffee bar, a dining room, lush courtyards and more. Co-working spaces will be available. The pet-friendly community will offer a pet spa and a dog park.
“We are looking forward to continuing our partnership with The Davis Companies with the development of Oleander, an exciting luxury apartment community in Atlanta,” said Charles Elliott, President, Toll Brothers Apartment Living. “With its convenient location, strong demographics and proximity to major job hubs, Brookhaven is an ideal setting for our continued expansion in Atlanta.”
Quentin Reynolds, Head of Investments for The Davis Companies, added, “This is our fifth multifamily development project with Toll Brothers, and our first in Atlanta with them. It has been a great alliance."
“We are thrilled to add this well-located residential development to The Davis Companies’ Atlanta portfolio. We recently completed an extensive reconstruction and repositioning of Tucker Exchange, a 234,596 SF commercial office building in Tucker, GA and we’re excited about the opening of Chelsea Westside, a project consisting of 92 newly-built townhome units on Ellsworth Industrial Boulevard.”
Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, stated, “Toll Brothers Apartment Living has a pipeline of over 14,000 units we plan to develop, all in joint ventures, in urban and suburban markets across the U.S. We are thrilled to be working again with The Davis Companies, with whom we have projects in suburban Boston, suburban Philadelphia, Princeton and now Atlanta. We are also excited to be working with Capital One, which has been a significant construction lender for us on both condo and rental joint venture projects in a variety of markets.”