WASHINGTON, DC – Toll Brothers Apartment Living®, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation s leading builder of luxury homes, and joint venture partner CrossHarbor Capital Partners, broke ground on Vermeer, a 13-tale, 501-unit multifamily rental and mixed-use community in Washington, DC The project is being financed through a construction loan facility from Bank OZK.
The March 8 groundbreaking celebration was hosted adjacent to the construction site at the Cambria Hotel and was attended by senior executives from Toll Brothers Apartment Living, CrossHarbor Capital Partners, development partners, and local officials. Vermeer started site work in late 2022 and is anticipated to open in 2024.
We are excited to add Vermeer to our growing portfolio of luxury rental communities in Washington, DC, said Michael Skena, Mid-Atlantic Regional Director of Acquisitions and Development for Toll Brothers Apartment Living. Toll Brothers has been building homes in this market for nearly thirty years. Now, with more than 3,000 rental units completed or under development in the area, Toll Brothers Apartment Living is extending the esteemed Toll Brothers luxury brand reputation even further into this dynamic market with Vermeer.
Located at 113 Potomac Avenue SW, Vermeer is a 13-tale building with 12 tales of residential atop ground-floor retail on an approximately 1.5-acre site. The property includes a 267-space below-grade parking garage with EV charging stations. Vermeer will also include approximately 37,000 square feet of ground-floor retail space for a diverse mix of neighborhood-serving and experiential-based retail.
Vermeer is situated in Washington s redeveloping and bustling Buzzard Point neighborhood within the Capitol Riverfront Business Improvement District, a dynamic, amenity-rich urban neighborhood along the Anacostia River. Prominently placed at the gateway to Buzzard Point, Vermeer overlooks the Frederick Douglass Bridge to Anacostia. Vermeer is also immediately adjacent to Audi Field — home to both of Washington, DC s professional men s and women s soccer teams, the D.C. United and the Washington Spirit — with a rooftop courtyard that provides residents unobstructed views directly into the stadium.
Vermeer is Toll Brothers Apartment Living s fourth transit-oriented development within Washington, DC, located within simple walking distance of both the Navy Yard and Waterfront Metro Stations. Vermeer also marks the continued expansion of the Toll Brothers luxury brand into the Washington, DC market, joining Union Place, Banner Lane, and Parc Riverside, the firm s 595-unit community also located in the Capitol Riverfront Business Improvement District. Vermeer will achieve LEED Silver certification. The property is also the fifth Opportunity Zone project developed by Toll Brothers Apartment Living in the U.S.
We are thrilled to join Toll Brothers Apartment Living once again as we break ground on Vermeer, said Allan Jones, Operating Partner at CrossHarbor Capital Partners. We are also pleased to finance the project with Bank OZK, which has underwritten many developments across the region.
Vermeer is amenity-rich with an elevated luxury offering among the residential rental communities in the rapidly redeveloping Buzzard Point neighborhood. Amenities on the penthouse level include a rooftop pool, fitness center with hydration bar, lounge area, and outdoor lounge and firepit. For residents to play and entertain, the penthouse also features a game room, a private dining room with bar, a fantastic room, an outdoor grill area, and tiered seating overlooking Audi Field. Additional amenities include courtyard lounges, a pet spa, coworking spaces, conference rooms, and bike and tenant storage. A second amenity space on the second level connects two courtyards with varying vantage points.
Residence features include quartz countertops with tile backsplashes, designer custom cabinetry, stylish waterproof wood-inspired flooring, keyless Latch door locks, efficient LED lighting, as well as convenient movable kitchen islands, smart urban mudrooms, oversized closets with custom closet organizers, private balconies and terraces, and views of the Anacostia and Potomac Rivers and Audi Field in select residences. Floor plans range from 461 to 1,556 square feet, with a unit mix that includes studios, junior one-bedrooms, one-bedrooms with and without dens, junior two-bedrooms, two-bedroom units with and without dens, and three-bedroom units.
Designed by KTGY, Vermeer hints at the legacy of the Buzzard Point neighborhood with a design inspired by the materials of neighboring Audi Field, featuring a sleek and contemporary aesthetic complemented by accents of warm wood siding, with brick-and-glass panels decorating the three wings of the W -shaped building clad in brick masonry.
Vermeer offers a rarified collection of apartment residences that artfully combine a curated set of best-in-class amenities in the Capitol Riverfront neighborhood, where aspiring professionals, District sports fans, and visitors to the nation s capital all convene. With sumptuous living spaces, welcoming hospitality offerings, and brilliant experiences to explore, Vermeer is a connected, expressive community at the forefront of southwest Washington s emerging Buzzard Point neighborhood.

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COLORADO SPRINGS, CO – An affiliate of The Axton Group and The Bascom Group announced they have closed on the sale of two multifamily communities, Park at Penrose and Park at Palmer, in Colorado Springs, Colorado, for $74.1 million. Park at Penrose with 374 units, and Park at Palmer with 112 units, are located at 3802 and 3903 Half Turn Road, in Colorado Springs, situated along N. Academy Boulevard near Austin Bluffs Parkway. These adjacent properties, formerly named Summer Grove and Tanglewood, are located in the Palmer submarket, the fastest rent growth submarket of Colorado Springs.
The Axton / Bascom Partnership bought the properties for $41.15 million in June 2019 and completed a successful multi-year renovation program to upgrade the apartment units and community amenities, resulting in significant renovation rent premiums.
The properties’ booming neighborhood is conveniently located near shopping, dining, outdoor recreation, and strong employment opportunities, driving organic rent growth during the Partnership’s investment period. Major local employers include Amazon and FedEx, located near the Colorado Springs Airport, which is only a 15-minute drive from the properties.
During the investment period, Colorado Springs continued to benefit from a steady influx of employers in the aerospace, military, technology, life science, healthcare and banking sectors who relocated to and expanded in this area. The nearby I-25 provides property residents simple access to many major employment hubs and a direct one-hour commute to Denver.
Park at Penrose and Park at Palmer offer one, two, and three bedroom apartment options. Renovated units include new kitchen appliances and cabinets, updated flooring and lighting fixtures, and bathroom vanities. The properties feature a state-of-the-art fitness center, a dog park, pool, a club house with game rooms and billiards, business centers, and grilling and picnic areas. The Partnership loved several years of strong operating cash flow and successfully re-financed the properties in February 2022.
Axton and Bascom are continuing to focus on investments in the multifamily sector across the United States, with a focus on value-add opportunities that arise as pricing resets amid significant global macroeconomic pressures. The Partnership is grateful for the efforts of the entire team involved in stewarding these assets over the past four years, leading to a successful outcome for the Partnership.

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COLORADO SPRINGS, CO – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of The Garrison, a 336-unit Class A multifamily community in the Colorado Springs suburb of Fountain. Thompson Thrift plans to welcome new residents starting late 2024.
“The Colorado Springs area is recognized for its top-quality educational system, ample job opportunities, and an abundance of outdoor recreational activities,” said Josh Purvis, managing partner for Thompson Thrift Residential. “These factors have spurred population growth and The Garrison presents us with an brilliant opportunity to provide a highly desired luxury living rental option for area residents.”
The Garrison will be located near the intersection of Mesa Ridge Parkway and Fountain Mesa Road, adjacent to Fountain’s two major arterials and with simple access to Interstate 25. The development site spans 22 acres and Thompson Thrift will utilize the land’s natural undulation with thoughtful grading to provide unobstructed views of the Cheyenne Mountain range for the 10 three-tale, garden-style buildings. The company is also utilizing native landscaping material that will enhance the natural setting with minimal need for supplemental watering.
Residents will be able to choose from one-, two- and three-bedroom floorplans that will offer up to 1,369 square feet of living space. Thompson Thrift is known for curating amenities and finishes that are on par with for-sale homes and each apartment home will offer gourmet kitchens with elegant quartz countertops, timeless tile backsplash, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostat and smart door locks, walk-in closets, full-size washers and dryers, as well as patio, balcony, and private yard options.
Luxury living will extend throughout the community with amenities such as a professionally decorated clubhouse, resort-style heated swimming pool, 24-hour fitness center, community grilling area, a dog park, convenient Wi-Fi for resident use, pavilion, community garden and more.
Residents will delight in walkability to The Markets at Mesa Ridge, a regional shopping center anchored by Safeway, Lowe’s and Walgreens, as well as small commutes to the area’s major employers including Peterson Space Force Base, Memorial Hospital and Fort Carson, the largest employer in the state of Colorado.
Colorado Springs possesses one of the most educated workforces in the country, with top-notch talent among trades and technology. Lockheed Martin, Bal Seal, Philips, Hewlett Packard, Oracle and more than 140 additional companies leverage their talented job force with fantastic job security due to the stable presence of five U.S. military installations. In recent years, Colorado Springs earned accolades for the most educated city from CNBC and most innovative schools from U.S. News & World Report.
During the past 30 years Thompson Thrift has developed more than $4 billion of ground-up development projects across the Midwest, Southeast and Southwest. The company made a name for itself by being one of the few developers to build high-quality, attractive Class A residential communities with a variety of conventional, luxury leased villa and townhome-style communities.
Thompson Thrift is active throughout the state, with eight communities currently under management or under development.

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