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New Toll Brothers JV to build Dallas apartment community

Toll Brothers Inc., through its rental unit, and real estate investment firm Canyon Partners Real Estate LLC established a joint venture to build a mixed-use, luxury apartment community in the West Dallas submarket.

The homebuilder said the seven-story Westerly building will rise on a 3.23-acre land parcel and offer 331 units plus amenities. Leasing and first move-ins are expected to begin in spring 2021.

The development will be managed by Toll Brothers Apartment Living. BB&T Real Estate Funding LLC provided a $42 million construction loan to the joint venture.