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WASHINGTON, March 15, 2023 (GLOBE NEWSWIRE) -- Toll Brothers Apartment Living®, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury homes, and joint venture partner CrossHarbor Capital Partners, broke ground last week on Vermeer, a 13-story, 501-unit multifamily rental and mixed-use community in Washington, DC The project is being financed through a construction loan facility from Bank OZK.
The March 8 groundbreaking celebration was hosted adjacent to the construction site at the Cambria Hotel and was attended by senior executives from Toll Brothers Apartment Living, CrossHarbor Capital Partners, development partners, and local officials. Vermeer began site work in late 2022 and is anticipated to open in 2024.
“We are excited to add Vermeer to our growing portfolio of luxury rental communities in Washington, DC,” said Michael Skena, Mid-Atlantic Regional Director of Acquisitions and Development for Toll Brothers Apartment Living. “Toll Brothers has been building homes in this market for nearly thirty years. Now, with more than 3,000 rental units completed or under development in the area, Toll Brothers Apartment Living is extending the esteemed Toll Brothers luxury brand reputation even further into this dynamic market with Vermeer.”
Located at 113 Potomac Avenue SW, Vermeer is a 13-story building with 12 stories of residential atop ground-floor retail on an approximately 1.5-acre site. The property includes a 267-space below-grade parking garage with EV charging stations. Vermeer will also include approximately 37,000 square feet of ground-floor retail space for a diverse mix of neighborhood-serving and experiential-based retail.
Vermeer is situated in Washington’s redeveloping and bustling Buzzard Point neighborhood within the Capitol Riverfront Business Improvement District, a dynamic, amenity-rich urban neighborhood along the Anacostia River. Prominently placed at the gateway to Buzzard Point, Vermeer overlooks the Frederick Douglass Bridge to Anacostia. Vermeer is also immediately adjacent to Audi Field — home to both of Washington, DC’s professional men’s and women’s soccer teams, the D.C. United and the Washington Spirit — with a rooftop courtyard that provides residents unobstructed views directly into the stadium.
Vermeer is Toll Brothers Apartment Living’s fourth transit-oriented development within Washington, DC, located within easy walking distance of both the Navy Yard and Waterfront Metro Stations. Vermeer also marks the continued expansion of the Toll Brothers luxury brand into the Washington, DC market, joining Union Place, Banner Lane, and Parc Riverside, the firm’s 595-unit community also located in the Capitol Riverfront Business Improvement District. Vermeer will achieve LEED Silver certification. The property is also the fifth Opportunity Zone project developed by Toll Brothers Apartment Living in the U.S.
“We are thrilled to join Toll Brothers Apartment Living once again as we break ground on Vermeer,” said Allan Jones, Operating Partner at CrossHarbor Capital Partners. “We are also pleased to finance the project with Bank OZK, which has underwritten many developments across the region.”
Vermeer is amenity-rich with an elevated luxury offering among the residential rental communities in the rapidly redeveloping Buzzard Point neighborhood. Amenities on the penthouse level include a rooftop pool, fitness center with hydration bar, lounge area, and outdoor lounge and firepit. For residents to play and entertain, the penthouse also features a game room, a private dining room with bar, a great room, an outdoor grill area, and tiered seating overlooking Audi Field. Additional amenities include courtyard lounges, a pet spa, coworking spaces, conference rooms, and bike and tenant storage. A second amenity space on the second level connects two courtyards with varying vantage points.
Residence features include quartz countertops with tile backsplashes, designer custom cabinetry, stylish waterproof wood-inspired flooring, keyless Latch door locks, efficient LED lighting, as well as convenient movable kitchen islands, smart urban mudrooms, oversized closets with custom closet organizers, private balconies and terraces, and views of the Anacostia and Potomac Rivers and Audi Field in select residences. Floor plans range from 461 to 1,556 square feet, with a unit mix that includes studios, junior one-bedrooms, one-bedrooms with and without dens, junior two-bedrooms, two-bedroom units with and without dens, and three-bedroom units.
Designed by KTGY, Vermeer hints at the legacy of the Buzzard Point neighborhood with a design inspired by the materials of neighboring Audi Field, featuring a sleek and contemporary aesthetic complemented by accents of warm wood siding, with brick-and-glass panels decorating the three wings of the “W”-shaped building clad in brick masonry.
Vermeer offers a rarified collection of apartment residences that artfully combine a curated set of best-in-class amenities in the Capitol Riverfront neighborhood, where aspiring professionals, District sports fans, and visitors to the nation’s capital all convene. With sumptuous living spaces, welcoming hospitality offerings, and brilliant experiences to explore, Vermeer is a connected, expressive community at the forefront of southwest Washington’s emerging Buzzard Point neighborhood.
For more information about Vermeer visit LiveVermeer.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 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 2022, NMHC ranked Toll Brothers Apartment Living the 11th 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 TollBrothersApartmentLiving.com.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., a Fortune 500 Company, is the nation's leading builder of luxury homes. The Company was founded 56 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 #1 Home Builder in Fortune magazine’s 2023 survey of the World’s Most Admired Companies®, the eighth 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 TollBrothers.com.
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ABOUT CROSSHARBOR CAPITAL PARTNERS
CrossHarbor Capital Partners is a Boston-based privately owned alternative investment management firm that invests in core-plus, value-add, and opportunistic commercial real estate transactions. The firm seeks short and medium duration debt and equity investments that offer a compelling case for generating high absolute returns. CrossHarbor was founded in 1993 and has invested in over 340 real estate transactions representing more than $24 billion of commercial real estate on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, financial institutions, family offices, and sovereign entities.
For more information visit CrossHarborCapital.com.
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 December 31, 2021, RESG originated approximately $35 billion in new commercial real estate construction loans.
For more information visit OZK.com.
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Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)
Attachments
Andrew L. Gagliano Toll Brothers Apartment Living (202) 808-2489 agagliano@tollbrothers.com