WASHINGTON, DC – 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 113 Potomac, a 501-unit multifamily rental community located at 113 Potomac Ave SW in Washington, DC. The project is being financed through a $162.7 million construction loan facility from Bank OZK. The debt and equity were arranged by Toll Brothers in-house Finance Department.
113 Potomac is located in the quick-growing Buzzard Point neighborhood within the Capitol Riverfront Business Improvement District, a dynamic, amenity-rich urban neighborhood along the Anacostia River, just south of Downtown Washington, DC, and a 4-mile drive to Amazon HQ2. As one of the largest entertainment districts in Washington, DC, the Capitol Riverfront is home to Audi Field, the D.C. United soccer stadium, Nationals Park – home to the Washington Nationals – and over 10 acres of parks and activated green spaces. 113 Potomac is within walking distance of the Capitol Riverfront s 35,000 employees and both the Navy Yard and Waterfront Metro Stations along the WMATA Green Line. Another Toll Brothers rental community, the 595-unit two-building Parc Riverside, is located just north of the Nationals Baseball Stadium, a 5-minute walk from the 113 Potomac site.
113 Potomac is a 501-unit multifamily Opportunity Zone project. The property will consist of 460 market rate and 41 affordable units with 37,000 square feet of retail, and below-grade garage parking. It will offer views into the adjacent Audi Field and will feature high-end luxury finishes and best-in-class amenities, including a state-of-the-art fitness center, rooftop resort-style pool and amenity space, luxurious clubhouse and lounge, coffee bar, co-working space, and pet spa.
Charles Elliott, President of Toll Brothers Apartment Living (TBAL), stated: 113 Potomac continues our tremendous progress within the flourishing Washington, DC multifamily market, and joins our nearby luxury communities of Parc Riverside and Union Place, along with our other projects currently under development across the city. With the introduction of 113 Potomac, we re proud to be part of reinvigorating the historic Buzzard Point neighborhood.
Fred Cooper, Toll Brothers Senior Vice President, Finance and Investor Relations, stated: 113 Potomac represents our fifth Opportunity Zone project across the U.S. and our fourth transit-oriented development community within Washington, D.C. Toll Brothers, Inc. has been building for-sale home communities in the Metro D.C. region for nearly thirty years. Now, with over 3,000 rental units completed or under development within Washington, D.C., our Apartment Living division is extending the Toll Brothers brand and reputation in this dynamic market. We are thrilled to be teaming up with CrossHarbor, with whom we have partnered on multiple transactions, and to be undertaking our first construction loan with Bank OZK, which is quite active in this market.
We are pleased to partner with Toll Apartment Living on this opportunity, says James O Leary, Director, CrossHarbor Capital Partners, and excited to continue to expand our portfolio in the Greater Washington DC market.

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RICHMOND, VA – Capital Square, a national real estate investor and an active developer of multifamily communities, announced the launch of Capital Square Multifamily Development Fund I, L.P. The fund seeks to raise up to $300 million in equity from institutional investors who will participate in the development of a portfolio of ground-up, multifamily real estate communities located in emerging secondary markets in the Mid-Atlantic and Southeast regions of the United States.
“There is a shortage of quality housing that traces its origin to the Fantastic Real Estate Recession,” said Louis Rogers, founder and chief executive officer of Capital Square. “The shortage was exacerbated by the COVID-19 pandemic that delayed or halted many new developments. To accelerate the development of new Class A institutional-quality multifamily communities, the fund will focus on shovel-ready, ground-up sites. Capital Square is bullish on Class A multifamily investments that generate an unrivaled combination of stable cash flow, appreciation potential and inflation protection. Investors are flocking to the multifamily asset class.”
Capital Square Multifamily Development Fund I continues Capital Square’s focus on investing in quality multifamily assets that have an opportunity to provide outsized returns to investors. The fund will invest in the limited partner equity part of the capital stack and will focus on emerging secondary growth markets (e.g., Richmond, Charleston, and Knoxville) that lack institutional capital investment, including Richmond, Virginian, Charleston, South Carolina, and Knoxville, Tennessee.
“The housing crisis in this country has made strengthening fundamentals in our target markets, and multifamily investment continues to provide strong opportunities for compelling risk-adjusted returns for investors and will do so for the foreseeable future,” said Whitson Huffman, chief strategy and investment officer.

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CHARLOTTE, NC – As homeownership remains out of reach for too many families, Wells Fargo announced an effort to support new home construction, renovation, and repair of more than 350 affordable homes across the U.S. in collaboration with Habitat for Humanity International. Through the Wells Fargo Builds program, the company is providing $7.75 million in grant funding to help local Habitat for Humanity affiliates increase the supply of affordable homes in 200 communities nationwide.
The first Wells Fargo Builds event of 2022 kicked off with a wall-raising ceremony for a new Habitat home for a family of six in the Thomasboro-Hoskins neighborhood of Charlotte, North Carolina. Habitat for Humanity of the Charlotte Region received a $130,000 grant to build the home and to make critical repairs to an older home in the community. Fifteen Wells Fargo employees volunteered alongside the future first-time homeowner, and others will volunteer on various new construction, critical home repair and renovation projects in other communities throughout the year.
The pandemic highlighted in a new way that a quality and affordable place to call home, especially during times of crisis, is critical to the safety and security of families, said Mary Mack, CEO of Consumer and Small Business Banking for Wells Fargo and a Habitat for Humanity International board member. Volunteering with Habitat has always been a huge source of pride for our employees, and we re excited to place on our hard hats to help families start a new journey in their lives as homeowners.
Wells Fargo and the Wells Fargo Foundation have donated more than $119 million to Habitat for Humanity International and local affiliates in support of affordable and sustainable housing since 2010, including support for new home construction and repairs, helping older adults age in their homes, and neighborhood revitalization and disaster response efforts. Wells Fargo also supports Habitat s Cost of Home five-year advocacy campaign through which local Habitat affiliates, partners, volunteers and community members are working together to help 10 million people gain access to an affordable home.
Habitat for Humanity and Wells Fargo have a shared commitment to making a world where everyone has a decent place to live, said Jonathan Reckford, CEO of Habitat for Humanity International. With the support of Wells Fargo this year, we will be able to help even more families achieve strength, stability, and self-reliance through shelter and make stronger and more resilient communities. We are grateful for their continued partnership.

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