Toll Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental division, and International Capital, LLC have announced a new joint venture to develop The Airedale, a three-story, 348-unit luxury multifamily rental community in Charlotte, North Carolina.
The joint venture has secured a $56.8 million construction loan facility from TD Bank. The equity and debt were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development of The Airedale.
The Airedale will offer 348 apartment homes in a mix of one-, two-, and three-bedroom floor plans. Each apartment home will offer sophisticated features and finishes, including quartz countertops, stainless steel appliances, soft-close cabinetry, under-cabinet lighting, and modular closets, as well as smart home technology.
“The Airedale represents a milestone for Toll Brothers Apartment Living as we expand into North Carolina and underscores our commitment to delivering exceptional luxury multifamily communities in high-growth markets,” said John McCullough, President of Toll Brothers Apartment Living. “We are excited to bring a best-in-class living experience to South Charlotte with thoughtfully designed apartment homes and upscale amenities.”
The Airedale will be located at 13607 Choate Circle in the vibrant Steele Creek area of Charlotte. The community will be ideally situated in proximity to Charlotte Douglas International Airport and major thoroughfares such as I-77, I-485, and South Tryon Street, providing access to Charlotte’s employment centers in South End and Uptown. Residents of the community will have easy access to outdoor recreation, including the Walker Branch Greenway, and will be within a short drive of several grocery stores, including Sprouts Farmers Market and Publix, and the RiverGate Shopping Center, which offers a diverse selection restaurants and retail, including Target, Best Buy, and The Home Depot.
“International Capital is thrilled to begin development on The Airedale, sparking our first partnership with Toll Brothers Apartment Living. We have been searching for the right partner, location, and timing for our entrance into the Charlotte market and believe The Airedale checks all the boxes,” said Andrew Doster, Vice President of Investments for International Capital. “Toll Brothers Apartment Living’s focus on design, quality, and incorporating the local culture into the project will set The Airedale apart in this affluent area of South Charlotte. We’d like to thank the entire Toll Brothers Apartment Living team and our lending partner, TD Bank, for such a smooth and flawless closing process.”
