With three luxury rental communities totaling 1,053 units under development across Dallas-Fort Worth, Toll Brothers Apartment Living is bullish on North Texas.
The projects are the first three joint ventures under a new strategic relationship for the two companies. In the interview that follows, Toll Brother Apartment Living President Charles Elliott and Tommy Rhodus, regional director of Development & Acquisitions for Texas, focus on the North Texas apartment market.It depends on the size of the deals. We haven't identified every deal for the venture at this point. You could say an average deal is going to be somewhere between $75 million and $125 million, so $1.9 billion goes pretty far.
We also have a site in Frisco Town Center we're calling Remy. Frisco Town Center has been an important neighborhood for us. We typically look for town centers with walkability. This is our suburban infill site. Certainly everybody's concerned about the possibility of a recession in our near future. And if you're looking at rents this week, this month, we're going through a seasonal downturn.
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