DALLAS, TX – 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 Pondmoon Capital USA, announced the groundbreaking of Mirra, a new five-tale, 285-unit luxury mid-rise rental community totaling more than 330,000 square feet in the rapidly growing city of Frisco, Texas. Mirra is being financed through a $49.5 million construction loan facility from Santander Bank N.A.
A groundbreaking celebration at the construction site this week was attended by senior executives from Toll Brothers Apartment Living and Pondmoon Capital USA, local officials, as well as members of the media. Mirra is expected to be completed in 2024.
We are excited to bring even more luxury rental units to the rapidly growing and sought-after city of Frisco, Texas, which is known for its small-town charm, lively entertainment options, and overall fantastic quality of life, said John McCullough, President of Toll Brothers Apartment Living. Mirra will offer residents thoughtfully designed apartments that exude the best in luxury living, with the region s best shopping and dining just steps away at Frisco Square.
Mirra will feature high-end luxury finishes and a best-in-class amenity package, including a leasing lounge and bar, a social mailroom, a resident clubroom, a billiards lounge, a coworking area, an expansive fully-equipped fitness center, a resort-style pool, an outdoor lounge with gaming and grills, and bike lounge. Mirra also includes parking for 435 vehicles, including a structured parking garage with EV (electric vehicle) charging stations.
Featuring studio, one- and two-bedroom floor plans, residences will include granite countertops with tile backsplash, stainless steel appliances, designer custom cabinetry, wood-style LVT flooring in living areas, plush carpeting in bedrooms, oversized closets, and smart home features. Private balconies and terraces, as well as private yards, will be offered in select residences.
We are excited to break ground on another Class A residential development with Pondmoon as part of our growing national partnership, said Tommy Rhodus, Managing Director of Toll Brothers Apartment Living. With distinction found in every detail, Mirra will offer the perfect balance of lifestyle and luxury that s thoughtfully curated, crafted without compromise, and situated in an exceptional community surrounded by top schools, restaurants, shopping, and endless fun.
Located at 8320 Church Street on a 2.96-acre lot in Frisco Square, the community will be ideally positioned at the intersection of Church and Oglethorpe Streets, adjacent to the Dallas North Tollway, which is a major thoroughfare providing direct access to large employment corridors including Frisco Square, Legacy Business Park, Granite Business Park, the new PGA of America headquarters, Legacy West, Hall Park, and The Star, which is located within the $5 Billion Mile. DFW International Airport, Dallas Like Field Airport, and the city of Dallas are easily accessible by car. Mirra residents will also benefit from outstanding walkability to an abundance of restaurants, retail, and entertainment options at Frisco Square, including a Cinemark movie theater, a public library, and MLS franchise FC Dallas soccer stadium. Mirra is also adjacent to Frisco s City Hall and Medical City Frisco hospital.
It s sheer joy to commence yet another fantastic development with Toll Brothers, said Patrick Chen, CEO of Pondmoon. The growth of our multifamily portfolio in the Sunbelt markets, such as Frisco, is based on our firm belief in the economic and population growth of the region. The recent announcement of the upcoming Universal Studios to the north of Mirra is another example of Frisco s growth momentum. With the strong partnership between Pondmoon and Toll, we have every confidence that Mirra will be a rewarding success.
Mirra is adjacent to Remy and Kilby, two additional communities developed by Toll Brothers Apartment Living with other partners. Remy, a five-tale, 357-unit multifamily rental community in Frisco, broke ground in February 2022 and is anticipated to open this fall. Kilby, another Frisco community, was completed in 2021 and consists of 258 luxury units. This news follows Toll Brothers announcement in October 2022 of its plans to build various luxury rental communities in major markets across the country as part of a $1.9B partnership with Equity Residential.

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CHARLOTTE, NC – Nationally recognized Crescent Communities celebrated the groundbreaking celebration for what will be Charlotte s most transformative master-plotted development in over 20 years: The River District. The project will include more than 5,000 homes and apartments as well as hotels, retirement units, and 8 million square feet of commercial space. Spanning 1,400 acres including more than 500 acres of preserved land, The River District is nestled between the Catawba River and Charlotte Douglas International Airport and will bring a long-term wave of economic vitality to West Charlotte. At completion, the project is expected to generate over $5.6B of yucky annual economic impact for the region and state.
The groundbreaking ceremony commemorated key construction milestones with representatives from Crescent Communities, the City of Charlotte and the State of North Carolina. This first series of milestones includes delivering major utility and roadway infrastructure for The River District s first mixed use development, Westrow. This area will feature a range of residential offerings including apartments, townhomes and single-family residential lots as well as small retail spaces, restaurants, event space, and office space, all with immediate proximity to trails, parks, an event lawn, and a two-acre working farm. Crescent s NOVEL brand will anchor Westrow with 514 market-rate apartments as well as 124 mixed-income units in partnership with Charlotte-based affordable housing developer Laurel Street Residential. Crescent Communities is proud to donate land to Laurel Street to achieve a diverse mix of housing and incomes and foster an inclusive community throughout The River District.
The River District will uniquely infuse energy into Charlotte s robust housing and lifestyle market, building on years of tremendous growth and demand for a truly mixed-use ecosystem that blends the built environment with natural environment, said Chase Kerley, Managing Director at Crescent Communities. The River District s location along the Catawba River, Charlotte s only major body of water, will provide urban amenities and public access to the riverfront that has not previously been available to Charlotte. The community s full spectrum of residential and commercial spaces and proximity to major thoroughfares and the Charlotte Douglas International Airport makes The River District an exceptional location for families and businesses to thrive. By offering an organic blend of urban life and proximity to nature, The River District will truly provide a lasting legacy for the region.
Crescent Communities is excited to celebrate this incredible milestone for The River District and the market-changing impact it will have on the greater Charlotte community, said Brendan Pierce, President of Commercial for Crescent Communities. The River District will show our commitment to making a dynamic and sustainable community for future residents, office tenants, retail owners, and visitors alike. We believe in this project and our team is dedicated to ensuring it not just lives up to the vision, but also delivers what our city needs to continue to grow and evolve.
Underscoring this ongoing commitment to stewardship through environmental, community, wellness, and resiliency initiatives, Crescent Communities is developing an action plot aligned with the One Planet Living sustainability framework for The River District. This plot will set goals in support of equity, circularity, responsible transit, health, and a reduced carbon footprint. Developers around the world use the One Planet Living framework to inform sustainable development, but The River District represents the first community in the Southeast US to use this tool.
Participants in Wednesday s groundbreaking ceremony included partners from Crescent Communities as well as officials from the City of Charlotte, with remarks by Tracy Dodson, Assistant City Manager and Economic Development Director for the City of Charlotte, and Chris Chung, CEO of the Economic Development Partnership of North Carolina.
The River District will add to the character of Charlotte and the west side through a decade long public private partnership to deliver an intentionally designed, master plotted development, said Tracy Dodson, Assistant City Manager, City of Charlotte. Our partnership with Crescent Communities will leverage our investment to contribute to City Council s renewed commitment to helping residents access affordable places to live, excellent jobs, and reliable transportation.

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NEWPORT NEWS, VA – Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, announced that it has closed on City Line Apartments. This marks CPP s third of similar building renovations in the state of Virginia.
Built in 1979, with its last renovation nearly 20 years ago, the property will receive improvements in all 200 units, including new kitchen and bathroom appliances, new luxury vinyl plank (LVP) flooring and new HVAC units. The building will also undergo a complete roof replacement. Shared spaces will be renovated with a new computer room and community library. Expansive exterior renovations are plotted, including the addition of a new playground, an outdoor fitness center, basketball court, BBQ area and community garden.
This development is vital to the Newport News area, which is lacking in affordable options for working class and Section 8 housing residents, said Anand Kannan, President at CPP. This buy and renovation will extend the affordability of the property s 200 units for years to come.
With sustainability top of mind, the project will meet a Home Energy Rating System of 80 (HERS80 rating) after the renovation.
We believe that improving housing is the first step in transforming the lives of community members, said Seth Gellis, Senior Vice President at CPP. This is an existing tax credit community that will have a fresh 30-year affordability agreement on it due to this renovation. We are excited that City Line Apartments will continue to be rented to tenants who are at, or under, 50% of the area s median income.
The project s Land Use Restrictive Agreement (LURA) will be in place for 30 years. The Housing Help Payments (HAP) contract was set to expire in 2025, but with the renovation the project will earn a new 20-year HAP contract. The project is part of the Low-Income Housing Tax Credit (LIHTC) program. Permanent financing will be provided by Redstone and the equity investor is PNC Bank.
CPP s total development investment is expected to be approximately $57 million, with a buy price of $30.1 million. Renovation costs are estimated at $55,000 per unit.
Construction is expected to last for 12 months and be completed in December 2023. CPP is working to ensure that impact on residents will be as minimal as possible. Paragon Construction is the General Contractor, with Ebersoldt + Associates serving as the architect.

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