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Toll Brothers affiliate buys Washington, DC, development site for $60M

An affiliate of Toll Brothers Inc.'s Toll Brothers Apartment Living purchased the Sursum Corda Cooperative community in northwest Washington, D.C., for $60 million from Sursum Corda Cooperative Association, the Washington Business Journal reported.

The affiliate also purchased the neighboring 76 M St. NW in a separate deal for $3.5 million, the report added.

The community is part of a first-stage planned-unit development comprising more than 1,100 residential units and 41,000 square feet of retail across five buildings on 6.7 acres, the report noted, adding that the new owner will seek permits to demolish the south parcel by July and to file a stage two planned-unit development application within a year.