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Toll Brothers to invest $132M in development of 499 Phoenix apartments

Homebuilder Toll Brothers Inc. will inject $132 million into the development of 499 apartment units in Phoenix, the Phoenix Business Journal reported, citing Todd Bowden, regional director of development and acquisitions for the company's Toll Brothers Apartment Living division.

Through Toll Brothers Apartment Living, the company plans to invest $62 million to build a 243-unit complex at the northwest corner of Fifth Avenue and Van Buren Street downtown, and $70 million to develop a 256-unit, five-story luxury apartment complex at Central Avenue and Thomas Road midtown.

Toll Brothers had previously planned to build a high-rise for-sale condominium project on the site of the 256-unit project, dubbed Haverly, that will also include an above-ground parking structure, according to the report. Plans for the 243-unit property include four levels of apartments atop two levels of parking.

Construction on both projects is expected to commence in 2019, with openings slated for late 2020, publication added, citing Bowden.