MIAMI, FL – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Campus Living division, and CanAm Capital Partners, the private-equity affiliate of CanAm Enterprises, and a leading provider of project-level structured debt and equity solutions, announced the formation of a new joint venture to develop Lapis, a 1,086-bed, 293-unit, luxury student housing community at Florida International University (FIU) in Miami, Florida. The joint venture has secured a $103 million construction loan facility from Ocean Bank. The debt and equity financing were arranged by Toll Brothers in-house Finance Department. The venture was advised by Ackman Ziff Real Estate Group.
Toll Brothers Campus Living develops communities that combine modern amenities and strategic community design to fit the needs and lifestyle of today s students, making innovative solutions for residents in which to live, thrive, and connect. Toll Brothers Campus Living will manage the development, construction, marketing, and asset management of Lapis.
FIU is the fastest growing university in Florida, having seen its enrollment jump nearly 27% over the last decade. According to US News & World Report, FIU is now the nation s 4th largest university by enrollment with a total of over 58,000 students. The Report also lists dozens of FIU programs among the best in the nation, including International Business at No. 2. Washington Monthly magazine ranks FIU among the top 20 public universities contributing to the public excellent.
Lapis is located directly north of, and across from FIU s main campus, the 342-acre Modesto Maidique Campus, at 110th Avenue and SW 7th Terrace. The 21-tale development will consist of 1,086 beds across 293 market-rate studio, one-, two-, three-, four-, and five-bedroom luxury rental apartments. The community will offer luxury amenities, walkability to campus, individual leases, roommate matching, multiple study lounges, high-speed internet throughout the community, a resort-style pool, state-of-the-art fitness center, bike storage, club room, outdoor kitchens, business center and a secured garage. Fully furnished apartment homes will include smart electronic-controlled access, stainless steel appliances, high-speed internet, smart televisions and more.
Charles Elliott, President of Toll Brothers Apartment Living, said, We are excited to develop our first multifamily project in Florida. Lapis will be a fantastic addition to the FIU community, providing students the same quality and service we re known for throughout the country.
Fred Cooper, Toll Brothers Senior Vice President for Finance, International Development and Investor Relations, said, Lapis is our fourth major student housing community across the U.S. We are very much looking forward to partnering with CanAm, which possesses a strong track record in the Florida market. Ocean Bank, which also enjoys an impressive track record as well as a history of leadership involvement at FIU and in the South Florida community, is the ideal lender for this exciting project.
John Reid, Director of Project Development at CACP said, Lapis is a strategic project that will serve the growing demand for student housing in the FIU market. This closing marks our eighth investment in Florida projects over the last year. At CACP, we pride ourselves on partnering with best-in-class developers, and we couldn t be more thrilled to be paired with Toll Brothers in this development.
Jose E. Lopez, Senior Vice President and Regional Manager of Ocean Bank, said, Ocean Bank has a long and strong relationship with FIU, including sponsorship of the Ocean Bank Convocation Center on campus. We are very familiar with the need for additional housing for students and are pleased to provide construction financing for Lapis.

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ORLANDO, FL – A celebratory groundbreaking ceremony took place to mark the commencement of construction on East Park Village Apartments. The 264-unit multifamily development is located at 10735 Moss Park Rd. in the Lake Nona neighborhood of Orlando. The project is backed by serial entrepreneur Dr Kiran Patel.
Dr. Kiran Patel said, “We bought this land eight and a half years ago with the vision of a large mixed-use project and I am pleased to see it come to fruition. This location is incredible and is ideal for any young family starting their lives.”
The $65 million apartment project is part of a $200 million mixed use development and is developed by the Onicx Group. The apartments will feature 335,000 square feet of class A residential apartments including a swimming pool with outdoor kitchen and recreational area, fitness center with spin/yoga room, business center with individual workstations, detached garages, and a playground. The apartments will range in size from one to three bedrooms. With construction now underway, the project is estimated to be completed in early 2024.
Situated adjacent to a nature preserve, the project is the first to break ground in the larger East Park Village Development that will include a medical office building, a hotel and retail spaces. It was designed by The Lunz Group, a Lakeland-based architectural firm. “The Lunz Group is proud to be working alongside the Onicx team to design this new apartment complex for the East Park Village Center,” said Bradley Lunz, President of The Lunz Group. “As a firm, we believe that the focus in multifamily design should be on making positive living experiences, fulfilling one of the fundamental needs of humans. When the project was submitted for building permit earlier this spring, it was, at the time, the largest construction permit sought in 2021 in the Orlando market. We are excited and humbled to be able to serve our communities by making spaces, like East Park Village, that benefit the greater excellent.” The community will be professionally managed by Orlando-based ZRS Management.
Multifamily-focused builder Live Oak Contracting will be the general contractor for the project. “We are expanding our regional footprint with this mixed-use development in Lake Nona. The net migration of Orlando over the last decade justifies the need of a project of this scale and magnitude,” said Dhvanit Patel, President and CEO of Onicx Group. Arjun Choudhary, Vice President of Onicx Group commented on the focus that Onicx Group is placing on the quality of amenities being offered, saying, “Our project will have top of the line amenities and cater to the urban professionals who live in the area.”
The location of East Park Village Apartments will be a desirable factor for residents. In its vicinity, there are trendy restaurants, many healthcare options, and an array of brilliant public schools to choose from. Residents will also delight in proximity to the Orlando International Airport and all the amenities the greater Orlando area has to offer.

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JACKSONVILLE, FL – KKR, a leading global investment firm, announced that KKR Real Estate Select Trust Inc. ( KREST ) and RPM Living Investments ( RPM Living ), a full-service multifamily management, investment and development company, have bought The Beach House Apartments, a multifamily property in Jacksonville, Florida. The transaction is KKR s first multifamily investment through KREST, a continuously offered, registered closed-end fund designed to deliver access to income-oriented private real estate investments.
Completed in 2010, The Beach House is a 228-unit, garden-style multifamily complex located in the Jacksonville Beaches submarket, approximately one mile from public beach access and in close proximity to Jacksonville s well loved beachside entertainment and shopping destinations. The property features luxury interiors, private patios and balconies, and variety of modern amenities, including a swimming pool, fitness center and business center. RPM Living will operate The Beach House and oversee a number of upgrades to ensure the property continues to provide a high-quality residential experience.
We are excited to complete our first residential investment for KREST with the buy of this premium apartment complex located in the highly desirable Jacksonville Beach neighborhood, said Michael Friedland, Managing Director at KKR. We are continuing to deepen our footprint in the quick-growing Sunbelt region and believe this beach-adjacent property offers attractive value to a wide range of residents who are choosing Jacksonville for its fantastic lifestyle and employment opportunities.
The Beach House’s fantastic location coupled with Jacksonville’s current competitive market is what attracted us to this investment and we’re looking forward to further expanding our presence in the Southeast and Sunbelt region,” said Josh Kahn, Chief Operating Officer, Investments at RPM Living.
The investment is part of KREST s stabilized real estate investment strategy, one of the fund s three primary investment strategies, which focuses on thematically-driven, income-generating real estate in high growth markets, including well-leased multi-family. Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $33 billion across the U.S., Europe and Asia as of June 30, 2021. KKR s global real estate team consists of approximately 130 dedicated investment professionals, spanning both the equity and credit business, across 12 offices and nine countries.

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