HORSHAM, Pa., Oct. 02, 2019 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living rental subsidiary, and an affiliate of global investment firm The Carlyle Group (NASDAQ: CG), have announced the formation of a new joint venture to develop Osprey, a 320-unit luxury apartment community in Atlanta’s West Midtown neighborhood. The joint venture has secured a construction loan facility from BB&T Real Estate Funding LLC, serving as administrative agent, and Comerica Bank. 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 Osprey.
Osprey is located on a 2.07-acre parcel within a mixed-use community in the vibrant West Midtown neighborhood of Atlanta, home to a variety of award-winning dining – from fast casual to white tablecloth – upscale boutique shopping, entertainment, and top-of-the-market creative office spaces. The site offers excellent transportation options to job centers in Buckhead, Midtown, and Downtown. Osprey will benefit from Atlanta’s strong employment base including Fortune 500 companies such as NCR, AT&T and Coca-Cola. The nearby presence of Georgia Tech, one of the nation’s Top Ten public universities, has helped spawn a culture of tech innovation, incubation and entrepreneurship in the West Midtown neighborhood.
A 12-story residential tower, Osprey will offer spectacular panoramic views of the Atlanta skyline and a top-floor private sky lounge with roof terraces, dining room, exhibition kitchen, and art exhibit. Amenities will include a resort-style pool, fitness center, club room and coffee bar, co-working space, courtyards, and a 501-space parking garage. Leasing and first move-ins are projected for early 2020. Osprey will be one of the first luxury rental projects to deliver in the epicenter of West Midtown.
Charles Elliot, President, Toll Brothers Apartment Living, said, “We are excited to be a part of the growth of West Midtown. Osprey will elevate the caliber of luxury residential and mixed-use offerings in the submarket, creating a new dynamic destination.”
Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, said: “We are very pleased to be partnering with The Carlyle Group to bring Osprey to the market. We also thank our lenders BB&T and Comerica, for their continued support in providing our Company both project and corporate financing.”
“Osprey is the second and newest project Toll Brothers Apartment Living is building in Atlanta: In total, we currently have 668 units under construction in this market. Nationally, we have a pipeline of nearly 19,000 units either in leasing, under construction, or in development so we will continue to seek out great partners such as Carlyle and lenders such as BB&T and Comerica to support us as we grow our rental platform.”
Brian Nelsen, Managing Director at The Carlyle Group, said, “We are excited to partner with Toll Brothers Apartment Living, a leader in multifamily and mixed-use development, and to be part of West Midtown’s continued transformation where this project will meet rapidly growing demand for both residential and retail space. We look forward to identifying additional opportunities in the fast-growing Atlanta metropolitan area and beyond.”
Carlyle’s equity for this investment came from the Carlyle Realty Partners VIII fund. Financial terms of the transaction were not disclosed.
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 began business over fifty 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 move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. It operates in 23 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia.
Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries. Toll Brothers also operates its own security company, TBI Smart Home Solutions, which also provides homeowners with home automation and technology options. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital.
In 2019, Toll Brothers was named World’s Most Admired Home Building Company in Fortune magazine’s survey of the World’s Most Admired Companies, the fifth year in a row it has been so honored. Toll Brothers has won numerous other awards, including Builder of the Year from both Professional Builder magazine and Builder magazine, the first two-time recipient from Builder magazine. For more information, visit www.tollbrothers.com
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 premier builder of luxury homes. 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 has developed over 3,600 units, is in lease up for 1,900 units, and is under construction at 8 projects of 2,300 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 THE CARLYLE GROUP
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.
