DALLAS, TX – Equity Residential (NYSE: EQR), an S&P 500 company focused on the acquisition, development, and management of residential rental properties located in and around dynamic cities and Toll Brothers, Inc. (NYSE: TOL), the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living (TBAL) rental division, announced plans to develop three new luxury rental communities totaling 1,053 units in the Dallas/Ft. Worth metropolitan area.
These projects represent the first three joint ventures under the strategic relationship that Toll Brothers and Equity Residential established in 2021. Through the partnership, the parties initially intend to focus on selectively acquiring and developing sites for apartment rental communities in specific metro markets, including Dallas/Ft. Worth, where both parties have a significant or growing presence. Under the partnership, Equity Residential has committed to invest 75% of the equity for each selected project and Toll Brothers will invest 25%. It is expected that each project will also be financed with approximately 60% leverage. Equity Residential will have the option to buy each property upon stabilization. The parties have targeted an initial minimum co-investment of approximately $750 million in combined equity, or nearly $1.9 billion capacity, assuming 60% leverage.
The three new communities to be developed by Toll Brothers and Equity Residential are all located in metro Dallas/Ft. Worth. The Settler is a four tale, 362-unit multifamily rental community in Ft. Worth being financed through a construction loan facility from U.S. Bank. Remy is a five tale, 357-unit multifamily rental community in Frisco Square being financed through a construction loan facility from Santander Bank, N.A. Lyle is a five tale, 334-unit multifamily rental community in Dallas also being financed through a construction loan facility from Santander Bank, N.A. The loans were arranged by Toll Brothers in-house Finance Department.
Dallas/Ft. Worth is a dynamic market with a growing population of the affluent renter demographic that we are interested in capturing. We are expanding our presence in the market and believe that these properties will make brilliant additions to our existing portfolio there, said Mark J. Parrell, Equity Residential s President and CEO. We are delighted to be partnering with the highly capable team at Toll Brothers and feel that these developments are a terrific start to a strategic partnership that will be very beneficial for both Equity Residential and Toll Brothers.
Douglas C. Yearley, Jr., Chairman and Chief Executive Officer of Toll Brothers, Inc., stated: “We are very pleased with the progress to-date of our strategic partnership with Equity Residential. In addition to these three projects we are developing together in metro Dallas, Equity Residential recently bought three other communities totaling 909 units that TBAL recently developed with other partners in the Dallas and Atlanta markets. Going forward, with top quality partners such as Equity Residential co-investing with us at initial site acquisition, we expect to increase TBAL s capital efficiency and return potential by allowing us to develop more apartments with less capital and providing reliable exit opportunities. The synergies from our two fantastic brands, Equity Residential’s deep market knowledge and long experience in the management of high-quality rental communities, Toll Brothers’ high-end design and development capabilities and the financial strength of each of our organizations is proving a formidable combination.”
Charles Elliott, President of Toll Brothers Apartment Living, stated: We re thrilled to announce our first three Class A residential development projects with Equity Residential in Texas, and we look forward to continuing our successful partnership. We re building these communities in some of the most vibrant and desirable neighborhoods of the Dallas/Ft. Worth market, offering the perfect blend of lifestyle and luxury in the middle of it all.
The Settler will consist of 362 apartment units and a 543-space parking garage with bicycle storage and a sky lounge overlooking downtown Ft. Worth. Located at 204 Athenia Drive in the heart of Ft. Worth s River District, the site is in close proximity to Ft. Worth s Central Business District, Cultural, and Medical districts, and the historic Ft. Worth Stock Yards. The Settler is just steps away from the scenic Trinity River s hike and bike trails, various museums, The Ft. Worth Botanical Garden, the Ft. Worth Zoo, and just north of PGA Tour host Colonial Country Club.
Remy will consist of 357 apartment units and features a 545-space parking garage. The project is located in the vibrant Frisco Town Center in the Dallas suburb of Frisco at the intersection of Gordon and Church Streets. Frisco is one of the most affluent and desirable suburbs of Dallas. The site is located along Frisco s North Platinum Corridor, a Development Center on the Dallas North Tollway. Residents will benefit from walkability to an abundance of amenities, including restaurants, retail, a Cinemark movie theater, a free public library, and MLS franchise FC Dallas soccer stadium. It is also located adjacent to Frisco s City Hall and Medical City Frisco hospital.
Lyle will consist of 334 apartment units and features a 475-space parking garage. Lyle is located at 17727 Addison Road, ideally positioned at the intersection of Trinity Mills and Addison Rd., and adjacent to the Dallas North Tollway. The site offers fantastic access to several employment hubs including the Galleria Dallas, Legacy Business Park, Granite Business Park, Las Colinas, City Line, Hall Park, and The Star, which is located within the $5 Billion Mile.
Each community will feature high-end luxury finishes and residents will delight in a best-in-class amenity package, including a resort-style pool, a pet spa, co-working spaces, state-of-the-art fitness centers, and much more.

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AUSTIN, TX – Development partners Lincoln Property Company (LPC) and Kairoi Residential have broken ground on a 74-tale mixed-use high-rise called Waterline in downtown Austin that will become the tallest tower in Texas when it opens in late 2026. The Public Sector Pension Investment Board, one of Canada’s largest pension investment managers is the main equity partner in this major development project.
Located at 98 Red River St., Waterline will extend 1,022 feet above a lush 3.3-acre campus near the intersection of Waller Creek and Lady Bird Lake.
Targeting LEED Gold certification throughout the building, the project will include 352 luxury apartment homes; 700,000 square feet of office space; and the 251-room 1 Hotel Austin — the first Texas location for the global hospitality company SH Hotel Resorts’ sustainability-focused 1 Hotels brand.
Reaching new heights
Waterline is the third downtown Austin high-rise that LPC has co-developed and broken ground on in the last three years. Sixth and Guadalupe, also co-developed with Kairoi Residential, will open next year with 66 floors of residences, offices, and ground-level retail. The Republic, a 48-tale office tower adjacent to Republic Square Park, is scheduled to open in late 2024. When completed, all three buildings will be taller than any high-rise on the ground in Austin today.
“Downtown Austin offers one of the most dynamic markets and skylines in the nation, and we’re excited to help drive its ongoing transformation,” said Seth Johnston, Senior Vice President of LPC in Austin. “Waterline marks a new milestone for downtown not only because of its height but also because of the positive impact this project will have on improving connectivity, enhancing public amenities, and attracting more people to this gorgeous area of downtown.”
Situated on the eastern bank of Waller Creek along the Waterloo Greenway, Waterline will serve as a new gateway from the Central Business District to the Rainey Street district. The development will add two new pedestrian bridges over the creek from the west, as well as three additional public pedestrian and bike access points to the Waterloo Greenway from the east.
The development team will contribute $1 million to the Waterloo Greenway Project to help fund improvements to the 1.5-mile urban trail that connects the University of Texas at Austin to Lady Bird Lake.
On the trail of exceptional urban living
Designed by Kohn Pedersen Fox — a global architecture firm with a portfolio that includes the 55 Hudson Yards and One Vanderbilt towers in New York City — Waterline will feature floor-to-ceiling windows, warm textures, and native stone.
“Waterline will offer a truly unique experience with unrivaled views, world-class amenities and a thoughtful design that connects the building’s interior with the project’s unique natural surroundings throughout the building,” said Michael Lynd Jr., CEO of Kairoi Residential. “We’re thrilled to introduce Austin’s next iconic project.”
The building’s vibrant ground floor will feature 24,000 square feet of publicly accessible retail and restaurant space overlooking Waller Creek and the Waterloo Greenway, separated by a floodplain forest to protect the natural experience for trail users.
1 Hotel Austin will occupy the next 13 floors with a ballroom and meeting spaces on the 14th floor and a rooftop pool with food and beverage service on the 16th floor.
The office part of the tower will occupy 27 tales with a 14th-floor amenity deck featuring 24,000 square feet of landscaped outdoor space along with a bar and lounge, indoor meeting spaces and a prep kitchen for special events. Office tenants also will have access to a 7,000-square foot fitness center on the second floor featuring cardio equipment and weights along with a yoga and dance studio.
Upscale residential homes will fill the building’s top 33 tales offering residents access to two pools on the 41st floor along with a lounge, bar, kitchen, and co-working space. A movement studio, workout studio and steam room will be located one floor above along with soaking tubs, hammocks, a BBQ pit, and a communal dining area.
“We are pleased to be increasing our portfolio exposure to high conviction markets and green assets in one of the fastest growing cities in the United States,” said Carole Guérin, Managing Director, Head of Americas, Real Estate Investments, PSP Investments. “This investment provides significant upside potential as the city of Austin continues its expansion to become a top-tier US market that offers high quality of life, a supportive business environment, exciting employment opportunities and a hotbed for technology and innovation.”
Blackstone Mortgage Trust, Inc. (“BXMT”) provided the construction loan for the project.
“We continue to see strong demand for new, best-in-class residential, office and hospitality assets in high growth markets like Austin and are excited to support this trophy, mixed use development that will make a meaningful contribution to the community as well as the Austin skyline,” said Katie Keenan, Chief Executive Officer of BXMT. “We look forward to continuing to lend on low-leverage, high-quality projects and serving as a partner to well-capitalized, experienced sponsors like LPC, Kairoi, and PSP Investments.”

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PHOENIX, AZ – Real estate development firm Hatteras Sky along with capital partner Bridge Investment Group broke ground earlier on a 23-tale mixed-use high-rise apartment project located at First Avenue and West McKinley Street, in the heart of downtown Phoenix s Roosevelt Row neighborhood.
Located only a 4-minute walk from the Central Avenue Valley METRO Light Rail station, the new project, named Saiya, will feature 389 multifamily residential units and 12,550 square feet of street-level retail, including the preservation of the historic McKinley Medical Office building.
Saiya is a unique and attractive opportunity to bridge the gap between Phoenix s housing supply and soaring housing demand, while also providing future residents with extraordinary access to the best of Roosevelt Row s arts, parks, entertainment, food, and beverage district as well as all that Downtown Phoenix has to offer, said Oz Friedmann, Principal and Managing Director of Development at Hatteras Sky. Phoenix has experienced dramatic growth, especially in downtown, and we are excited to contribute to the changing skyline.
Roosevelt Row has been named one of the nation s best neighborhoods and art districts, making it a valued cultural hub for the Phoenix metropolitan area and the State of Arizona. The walkable, creative district connects Downtown Phoenix to many historic residential neighborhoods and is nationally known for its arts and cultural events, award-winning restaurants, galleries, boutiques, festivals, and live music. The area has fostered a Downtown urban renewal with many rehabilitated historic bungalows and new infill projects, and the neighborhood is also a hot spot for local public and street art, and many photo opportunity destinations.
“Bridge focuses on multifamily developments as an avenue to revitalize underserved communities and provide high-quality, essential housing in growing parts of the country,” stated David Coelho, CIO of Bridge’s Opportunity Zone strategy. “The project fits well within our mandate and we are excited about our continued partnership with Hatteras Sky in a dynamic live/work/play neighborhood like Downtown Phoenix.”
Plans call for an amenity deck swimming pool, a rooftop pool, elevated outdoor courtyards offering group seating, grilling, and gaming areas, fitness center, game room, dog park, and rooftop kitchen and bar lounge. Saiya will also feature approximately 12,550 square feet of street-level retail and restaurant space. The first residential units are anticipated to be delivered in the summer of 2024. East West Bank and Poppy Bank are providing the construction financing. JE Dunn will serve as general contractor of the project, which was designed by Shepley Bulfinch. RPA, an Ardurra Company, is the civil engineer.

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