NORWALK, CT – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and Harris Realty Company have announced a new joint venture to develop Piper, a six-tale, 393-unit multifamily rental community in Norwalk, Conn. The project is being financed through a $136 million construction loan facility from Wells Fargo N.A. as agent and TD Bank. The equity and debt were arranged by Toll Brothers in-house Finance Department.
The community will consist of 393 rental apartments, including 356 market-rate and 37 affordable units, as well as a 589-space parking garage that will include EV (electric vehicle) charging stations. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness center and pool, rooftop deck, coworking spaces, library and wine room, high-end demo kitchen and dining room, a clubroom, and an indoor pet run and spa.
Piper is located at the intersection of West Avenue and Orchard Street, about one mile from the South Norwalk Metro Station, which provides convenient train access to New York City. This growing and dynamic corner of Norwalk is immediately adjacent to notable sites such as Mathews Park, featuring tennis courts, playgrounds, and two museums, and The SoNo Collection, a recently completed upscale mall. The South Norwalk neighborhood, located nearby, provides residents with an brilliant variety of restaurants, bars, cafés, bakeries, and craft breweries. This vibrant thoroughfare is undergoing rapid growth and investment and offers a prime location catering to neighborhood residents and visitors alike. Piper will include nearly 24,000 square feet of ground-floor retail, with flexibility for multiple uses, ranging from a single-tenant market to multiple boutiques, restaurants, or cafes.
John McCullough, President of Toll Brothers Apartment Living, said, As our second project to break ground in the economically dynamic southeastern Connecticut corridor, following Julius, our 356-unit community in Stamford, we are excited to add Piper to our growing portfolio of luxury rental communities across the northeast. Piper will elevate the level of luxury available among the residential rental offerings in Norwalk and introduce the same extraordinary living experience that we are known for nationwide.
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, We are pleased to be teaming with Harris Realty to undertake this unique project. We appreciate the support and value of our long-time relationships with Wells Fargo and TD Bank which have shown their confidence to provide us this $136 million construction loan in this challenging environment. Piper is Toll Brothers fourth project being built in Opportunity Zones across the U.S. We are looking forward to developing this dynamic community.
Marvin Strauss, Executive Vice President of Harris Realty, said Harris Realty is grateful to have been given the opportunity to partner with Toll Brothers in this project. Toll Brothers quality home building skills and reputation align with our standard for excellence.

Powered by WPeMatico

KANSAS CITY, MO – As it nears completion, Three Light Luxury Apartments in the Power & Light District celebrated the pouring of the building’s last column with a ceremonial Topping Out event held near the project site in the heart of downtown Kansas City. Executives from The Cordish Companies and the Power & Light District were joined by distinguished guests from the city, community and business leaders, and executives and team members from JE Dunn Construction Company to celebrate this exciting milestone.
“The topping out of Three Light is a fantastic opportunity for us to share our appreciation of the hard and skillful work of the JE Dunn team and look forward to opening this truly special building later this year,” said John Moncke, president of the Kansas City Power & Light District. “Three Light is a sign of continued growth and positive energy in downtown Kansas City. We will welcome hundreds of additional new residents to the Power & Light District when the building opens this year, bringing the total number of new apartment homes in the District to nearly 1,000 since One Light opened a few small years ago. For the past 15 years we’ve invested in building a world-class community here in Kansas City, and continue our commitment to expand our residential offerings, retail tenants, and entertainment options in the Power & Light District in the years to come.”
“We are excited to see yet another high-rise residential tower reached its peak in the core of downtown Kansas City,” said Brian Platt, City Manager of Kansas City, MO.” We look forward to the hundreds of new residents and additional activity and energy this project will bring.”
Three Light is a landmark tower of gleaming glass that provides panoramic views of the Kansas City skyline, the neighboring Crossroads Arts District, and its own setting in the Power & Light District. The building celebrates Kansas City’s vibrant musical heritage and its dynamic present day, honoring the city’s rich musical legacy with visual salutes to Kansas City jazz legends Count Basie and Charlie “Bird” Parker. Murals pay tribute to Basie and Bird, with a white-to-black gradient that evokes Basie’s piano keys, while brass tones conjure Parker’s saxophone.
“Three Light’s character will be enhanced by honoring Kansas City’s long-standing jazz heritage through art and interior design,” said Marnie Sauls, Executive Director of Residential Management for Cordish Living. “The mural featuring Kansas City jazz legends, Count Basie and Charlie ‘Bird’ Parker, will be replicated on the side of the building by acclaimed Kansas City-based artist, Alexander Austin.” Austin also completed two major murals on the exterior of Two Light that pay special tribute to fantastic people and moments in Kansas City’s history.
Located at the corner of Truman Road and Main Street, the new 25-tale building sits directly on the KC Streetcar Line across the street from the forthcoming South Loop Link Park over I-670. Three Light will include a seven-tale parking garage with 472 spaces, as well as 7,600 square feet of ground level retail space. Spacious studio apartments, one- and two-bedroom units, and designer penthouse apartment homes will offer a variety of floor plans across 19 floors.
“It’s extremely exciting to be celebrating this milestone and go one step closer to our opening this fall,” said Emelyna Aurich, Director of Property Management for Cordish Living. “Three Light will mirror the quality and community our residents One Light and Two Light like, but with its own style and uniqueness. We have spent a tremendous amount of time curating every detail of this building – from the design to the over 30,000 square feet of amenity space the building will offer.”
“Three Light’s topping out is a major project milestone that JE Dunn could not have accomplished without our partnerships from The Cordish Companies, our trade partners, and most importantly the individual 785 tradesmen and women who show up every morning and work hard,” stated Jim Coulter, Group Manager of JE Dunn Construction.

Powered by WPeMatico

FAYETTEVILLE, NC – Olympus Property announced the acquisition of King’s Quarter at Jack Britt in Fayetteville, North Carolina. Established in 1992 with a steadfast vision of becoming an industry leader, Olympus Property boasts a wealth of experience and a hands-on approach throughout the investment process.
The company continues to grow its presence in the multifamily real estate industry, providing residents with a best in class living experience and investors strong returns. Olympus currently owns and manages over 27,000 units spanning across 14 states being Arizona, California, ;Colorado, Florida, Georgia, Idaho, Kentucky, Montana, New Mexico, North Carolina, Tennessee, Texas, Utah, and Wyoming.
King’s Quarter at Jack Britt, a 252-unit garden style community, marks the third holding for Olympus Property in the supply-constrained market of Fayetteville. This acquisition strategically positions Olympus as one of the largest owner/operators in the MSA.
The area has experienced explosive growth over the past few years, with a metropolitan population increase of 37.9% from 2016 to 2021, making Fayetteville one of the fastest growing cities in America. In conjunction with strong in-migration trends, rents have been increasing at double digit rates, far surpassing the national average of 2.6%. These macro-economic fundamentals support continued long-term growth at the property, as well as the submarket.
“Fayetteville was just ranked amongst the top in the nation with year over year rent growth north of 11%,” notes Travis Bertetto, Associate Director of Acquisitions at Olympus Property. “Paired with the economies of scale we will realize by owning two other assets in the market, this acquisition will be a fantastic addition to our expanding portfolio.”

Powered by WPeMatico