STAMFORD, CT – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and CrossHarbor Capital Partners have announced a new joint venture to develop 777 Summer, a 355-unit multifamily rental community in Stamford, Conn. The project, which will be the first development of Toll Brothers Apartment Living in Connecticut, is being financed through a $94 million construction loan facility from Capital One, N.A. as agent and Comerica Bank. The debt was arranged by Toll Brothers in-house Finance Department with JLL advising on the equity financing.
777 Summer will be located in the epicenter of the rapidly developing Stamford Downtown and within walking distance to the Stamford Transportation Center, providing convenient connectivity to Midtown Manhattan and major Connecticut employment hubs such as New Haven, Hartford, and Greenwich via Metro-North Railroad and Amtrak, as well as close proximity to I-95. The location is adjacent to Restaurant Row on Bedford Street, providing residents with ample dining and nightlife options close to home.
777 Summer is a 355-unit luxury multifamily project that will consist of 333 market-rate and 22 affordable units. The project will feature high-end luxury finishes and best-in-class amenities, including a state-of-the-art fitness center, resort-style pool, luxurious club room, game room, co-working space, art studio, roof deck, coffee bar, pet wash, and high-speed property-wide Wi-Fi.
Charles Elliott, President of Toll Brothers Apartment Living said, We are excited for the opportunity to continue our expansion in the robust northeast market with our first multifamily rental community in Connecticut. 777 Summer will join a variety of other Toll Brothers Apartment Living projects across the region in bringing the elevated living experience that Toll is well known for to Stamford.
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers said, 777 Summer represents the fourth Opportunity Zone project that Toll Brothers has undertaken in markets from coast to coast. It builds on our strong relationships with CrossHarbor, which includes both market rate and student housing development projects, and with lenders Capital One and Comerica Bank, as we continue to grow our Toll Brothers Apartment Living and Campus Living platforms across the U.S.
Tom Stevens, Co-Portfolio Manager and Managing Director for CrossHarbor Capital Partners said, We are pleased to expand our strong, longstanding relationship with Toll Brothers and partner on the development of another luxury residential community. 777 Summer captures many of the themes we look for in our multifamily investments: best-in-class sponsorship, market leading design and quality, access to transit and employment, and walkability to dining and entertainment.

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ATLANTA, GA – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Modera Ancient Ivy, a luxury apartment community located in the thriving Buckhead neighborhood.
The community, which features 394 apartment homes, is encompassed within a midrise and high-rise tower and sits at the corner of Lenox Road and Piedmont Road. Modera Ancient Ivy is part of a wider master development that includes the existing Prominence office building and an Element Marriott. First go-ins are anticipated for early June.
“This area of Buckhead is one of the city’s most well-established commercial districts, and we look forward to adding to our presence in the area,” said Patrick Chesser, senior managing director of development in Atlanta for Mill Creek Residential. “Residents will be within Atlanta’s most prominent retail and financial corridors and will have direct access to an abundance of retail, dining and entertainment options. Modera Ancient Ivy will be a unique product offering in the area, and we’re keen to deliver a top-of-market experience.”
Situated at 3651 Lenox Road, Modera Ancient Ivy is built to a National Green Building Standard Gold certification level and features high-end finishes and a refined suite of amenities. Residents will be positioned in a commuter-friendly locale with the community sitting less than a half-mile from the MARTA rail, 500 feet from a bus stop and a quarter-mile from the Georgia 400 freeway. The prominent job centers in Downtown Atlanta and Sandy Springs are less than 10 minutes away. Additionally, the world-class retail options of Phipps Plaza, Lenox Square and The Shops at Buckhead are all less than a mile from the community.
Modera Ancient Ivy consists of studio, one-, two- and three-bedroom homes with various layouts. Community amenities include a 24-hour club-quality fitness studio, clubhouse, community-wide WiFi, demonstration kitchen, game room, rooftop deck, two pools including one rooftop pool, sauna, steam room, grilling area with outdoor dining, fire pit, coffee bar, library lounge with a reading terrace and landscaped courtyards. Residents will also have access to secured parking in a private garage with reserved parking and electric vehicle charging stations available, controlled guest-access technology, package lockers, dedicated bike storage, resident storage lockers and concierge services.
Apartment interiors include nine-foot ceilings, wood plank-style flooring, private balconies, built-in desks and shelves, quartz countertops, stainless steel appliances, upgraded fixtures, pendant and under-cabinet lighting, tile backsplashes, kitchen islands, walk-in closets, smart thermostats, ceiling fans and in-home washers and dryers. Bathrooms are delivered with tile surrounds and linen closets. Residents will be able to access the homes via key fob and mobile app entry.

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CHARLESTON, SC – CREC Real Estate and Rincon Capital Partners announced they have jointly bought Planters Trace Apartments, a 96-unit, Class B multifamily community located in West Ashley, a thriving neighborhood of Charleston, South Carolina. Terms of the transaction were not told.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in top-performing secondary cities throughout the United States. In addition to Planters Trace, CREC has recently bought multifamily properties in Phoenix, Arizona and Dallas, Texas.
CREC plans to invest $2.8 million in value-add renovations to update common areas, amenities, and unit interiors, bringing the property on par with nearby recently repositioned residential communities.
The 10.6-acre property, built in 1974 and located at 2222 Ashley River Road, has convenient access to nearby jobs, retail and entertainment. The city of Charleston boasts a diversified economy with dynamic job growth and a low unemployment rate (2.9% as of December 2021, according to the Bureau of Labor Statistics). The state is known for business-friendly policies, and the city and region benefit from the vibrant Port of Charleston as well as a diversified economy that includes technology, aerospace, and automotive manufacturing. The West Ashley submarket maintained a 96.6% average occupancy rate throughout the third quarter of 2021, the second highest in the Charleston market, according to RealPage.
“The area around Charleston is seeing a demand for quality apartment housing, and hiring and investment trends point to that need remaining strong for the foreseeable future,” said Aaron Dixon, President of CREC. “CREC sees an vital value-add opportunity at Planters Trace, and we believe that this community has the potential to become a market-leading multifamily option for the growing number of residents in the Charleston area.”
Mr. Dixon added, “CREC continues to focus on value-add acquisition opportunities within cities exhibiting strong demographic and fundamental characteristics, in terms of population growth, employment growth and a diversified employer base. Over the past 18 months, CREC has invested in excess of $200 million of transaction volume with a robust pipeline of future opportunities. Our firm’s investment strategy focuses on enhancements to the marketability of the property through targeted capital improvements, which we believe will be well received by existing and prospective residents.”

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