HORSHAM, Pa., Feb. 06, 2019 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental subsidiary, and Daiwa House Texas Inc., a subsidiary of the largest single-family homebuilder in Japan, Daiwa House Group, have announced the formation of a new joint venture to develop Kilby, a 258-unit luxury apartment community in Frisco, Texas. The joint venture partnership has secured a construction loan facility from Citizens Bank. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department.
Kilby will be a part of Frisco Square, a 147-acre master-planned, mixed-use district within Frisco, TX. The surrounding area features restaurants, shops, theaters, the Frisco Library, Frisco Heritage Village and Museum, Discovery Center, Town Hall, and Toyota Stadium–home of the FC Dallas professional soccer team. Additionally, the community will have direct access to the Dallas North Tollway and major employers, including Legacy Business Park, Granite Business Park, Legacy West, Fedex Offices, Liberty Mutual, Toyota’s North American headquarters and JPMorgan Chase.
Toll Brothers Apartment Living will manage Kilby’s development, marketing, leasing and property management of the luxury apartment community. Last year, Toll Brothers purchased the development site from B/K Multifamily who has also remained involved in the project’s development.
Kilby amenities will include a club room, conference lounge, game lounge, standalone 2-story fitness center with yoga deck, pet spa, dog run, bike workshop & storage, outdoor patio & grills and resort-style pool. Leasing and first move-ins are projected for late 2020.
“We are excited to be a part of the development of Frisco Square,” said Charles Elliott, President, Toll Brothers Apartment Living. “Kilby will be a great addition to the master plan by providing a unique and thoughtful rental community focused on luxury and lifestyle.”
Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, stated: “We are very pleased to be partnering with Daiwa House. We have spent time with them both in the U.S. and in Japan and have been very impressed with their global perspective and attention to quality, which pairs well with the Toll Brothers brand. We are also looking forward to working with Citizens Bank on our first rental project in the metro Dallas market.”
Takeshi Wakita, President of Daiwa House Texas stated: “Daiwa House Texas is excited to partner with Toll Brothers Apartment Living on the new Kilby luxury rental community in Frisco, TX. We expect that Kilby will be the first of many projects with Toll Brothers.”
Please visit https://www.livekilby.com/ for future updates and information regarding the community.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company began business over fifty 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 move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. It operates in 20 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia (Toll Brothers Apartment Living), Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and Washington, as well as in the District of Columbia.
Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries. Toll Brothers also operates its own security company, TBI Smart Home Solutions, which also provides homeowners with home automation and technology options. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital.
In 2019, Toll Brothers was named World’s Most Admired Home Building Company in Fortune magazine’s survey of the World’s Most Admired Companies, the fifth year in a row it has been so honored. Toll Brothers was named 2014 Builder of the Year by Builder magazine and is honored to have been awarded Builder of the Year in 2012 by Professional Buildermagazine, making it the first two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit www.tollbrothers.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 premier builder of luxury homes. Toll Brothers Apartment Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to upscale rental 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 the nation’s leading builder of luxury homes. For more information visit TollBrothersApartmentLiving.com
ABOUT DAIWA HOUSE TEXAS INC.
From its humble beginnings in the early 1950s creating small, affordable prefabricated housing to its status now as the largest single-family homebuilder in Japan, the Daiwa House Group continues to make strides in the United States by fulfilling its corporate mission of effective leadership, innovation and environmentalism through its wholly owned subsidiary: Daiwa House Texas. Founded in 2011, the firm has already established a reputation for quality and excellence by developing premiere multifamily properties in most major metro areas across the country and, after the acquisition of Stanley Martin by Daiwa House Group in 2016, construction of scores of robust single-family homes throughout the East Coast. In the coming decades, Daiwa House Group and Daiwa House Texas look forward to continuing their goal of partnering with developers to provide Americans with superior places to live.
