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DALLAS, March 24, 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 Pondmoon Capital USA, today announced the groundbreaking of Mirra, a new five-story, 285-unit luxury mid-rise rental community totaling more than 330,000 square feet in the rapidly growing city of Frisco, Texas. Mirra is being financed through a $49.5 million construction loan facility from Santander Bank N.A.
A groundbreaking celebration at the construction site this week was attended by senior executives from Toll Brothers Apartment Living and Pondmoon Capital USA, local officials, as well as members of the media. Mirra is expected to be completed in 2024.
“We are excited to bring even more luxury rental units to the rapidly growing and sought-after city of Frisco, Texas, which is known for its small-town charm, lively entertainment options, and overall great quality of life,” said John McCullough, President of Toll Brothers Apartment Living. “Mirra will offer residents thoughtfully designed apartments that exude the best in luxury living, with the region’s best shopping and dining just steps away at Frisco Square.”
Mirra will feature high-end luxury finishes and a best-in-class amenity package, including a leasing lounge and bar, a social mailroom, a resident clubroom, a billiards lounge, a coworking area, an expansive fully-equipped fitness center, a resort-style pool, an outdoor lounge with gaming and grills, and bike lounge. Mirra also includes parking for 435 vehicles, including a structured parking garage with EV (electric vehicle) charging stations.
Featuring studio, one- and two-bedroom floor plans, residences will include granite countertops with tile backsplash, stainless steel appliances, designer custom cabinetry, wood-style LVT flooring in living areas, plush carpeting in bedrooms, oversized closets, and smart home features. Private balconies and terraces, as well as private yards, will be offered in select residences.
“We are excited to break ground on another Class A residential development with Pondmoon as part of our growing national partnership,” said Tommy Rhodus, Managing Director of Toll Brothers Apartment Living. “With distinction found in every detail, Mirra will offer the perfect balance of lifestyle and luxury that’s thoughtfully curated, crafted without compromise, and situated in an exceptional community surrounded by top schools, restaurants, shopping, and endless fun.”
Located at 8320 Church Street on a 2.96-acre lot in Frisco Square, the community will be ideally positioned at the intersection of Church and Oglethorpe Streets, adjacent to the Dallas North Tollway, which is a major thoroughfare providing direct access to large employment corridors including Frisco Square, Legacy Business Park, Granite Business Park, the new PGA of America headquarters, Legacy West, Hall Park, and The Star, which is located within the $5 Billion Mile. DFW International Airport, Dallas Love Field Airport, and the city of Dallas are easily accessible by car. Mirra residents will also benefit from outstanding walkability to an abundance of restaurants, retail, and entertainment options at Frisco Square, including a Cinemark movie theater, a public library, and MLS franchise FC Dallas’ soccer stadium. Mirra is also adjacent to Frisco’s City Hall and Medical City Frisco hospital.
“It’s sheer joy to commence yet another great development with Toll Brothers,” said Patrick Chen, CEO of Pondmoon. “The growth of our multifamily portfolio in the Sunbelt markets, such as Frisco, is based on our firm belief in the economic and population growth of the region. The recent announcement of the upcoming Universal Studios to the north of Mirra is another example of Frisco’s growth momentum. With the strong partnership between Pondmoon and Toll, we have every confidence that Mirra will be a rewarding success.”
Mirra is adjacent to Remy and Kilby, two additional communities developed by Toll Brothers Apartment Living with other partners. Remy, a five-story, 357-unit multifamily rental community in Frisco, broke ground in February 2022 and is anticipated to open this fall. Kilby, another Frisco community, was completed in 2021 and consists of 258 luxury units. This news follows Toll Brothers’ announcement in October 2022 of its plans to build various luxury rental communities in major markets across the country as part of a $1.9B partnership with Equity Residential.
For more information about Mirra visit MirraFrisco.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 PONDMOON CAPITAL USA
Founded in 2014, Pondmoon Capital USA, formerly known as JD Capital USA, is a privately held investment manager. Pondmoon Capital primarily focuses on investments in rental apartment development across major metropolitan areas in the U.S., including New York City, Washington D.C., Chicago, Minneapolis, Atlanta, Dallas, San Francisco, and Los Angeles. The firm’s total investment consists of over 3,500 apartment or hotel units and over two million square feet of apartment and retail space.
For more information visit Pondmoon.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