Toll Brothers Apartment Living and PGIM Real Estate Announce Joint Venture in San Diego, California

Toll Brothers

FORT WASHINGTON, PA — Toll Brothers, Inc. (NYSE: TOL), through its Toll Brothers Apartment Living® rental division, and PGIM Real Estate have announced a new joint venture to develop The Lindley, a 37-story, 422-unit multifamily rental community in San Diego, Calif. The Lindley, which is the first Toll Brothers Apartment Living (TBAL) project in the city of San Diego, is being financed through a $187 million construction loan facility from BNY Mellon and Wells Fargo. The equity and debt were arranged by Toll Brothers’ in-house Finance Department in collaboration with the PGIM Real Estate Capital Markets Team.

The Lindley was designed by the renowned Joseph Wong Design Associates and is located at the corner of Columbia Street and Ash Street in San Diego’s Columbia business district. The Lindley offers convenient access to PETCO Park, Balboa Park, the Santa Fe Rail Station, and the San Diego International Airport as well as many dining and entertainment options in Little Italy, Harborview, Embarcadero, and the Gaslamp Quarter.

The Lindley will consist of 422 rental apartments and an above- and below-grade parking garage with 561 parking spaces, including capacity for 222 EV (electric vehicle) charging stations. The apartment units will feature high-end luxury finishes including LVT flooring, energy-efficient LED lighting, and smart thermostats. Residents will enjoy a best-in-class amenity package, including concierge, mailroom, secured package room, keyless entry, and more than 22,000 square feet of interior and exterior amenity space. The amenity space will feature an outdoor pool and spa, barbecue grills, pet spa and dog walk, indoor/outdoor fitness center, massage rooms, yoga spaces, sauna, coworking spaces, game room, club room, lounge, and wine bar. Rooftop amenities include a rooftop lounge, demo kitchen, and sky deck providing excellent views of downtown San Diego.

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The Lindley expects to earn LEED Gold certification. To achieve this standard, all demolition materials were responsibly recycled, and sustainably sourced materials will be employed throughout. Rainwater will be collected from the site and passed through biofiltration processes before entering stormwater drainage. Environmentally friendly cleaning products will be exclusively used in the building’s operations. Residents will also be able to enjoy EV fast-charging stations. Affordable housing is also a critical part of the development project. As part of The Lindley’s entitlement agreement, Toll Brothers Apartment Living is making a significant contribution toward the development of affordable housing in San Diego, which helps to fulfill the city’s initiative of increasing affordable housing opportunities for its residents. This contribution will directly support the construction of 44 affordable housing units off-site in downtown San Diego.

The Lindley marks the first Toll Brothers Apartment Living project to break ground in San Diego, and the third to break ground in California. It follows the 262-unit Cameo in Orange, Calif., which was sold in 2021, and the 218-unit Rafferty in Santa Ana, Calif., which is scheduled to open its doors to residents in early 2024. The Lindley represents the continued expansion of Toll Brothers Apartment Living in California.

“As our first project in San Diego, we are proudly planting our flag here with The Lindley,” said Charles Elliott, President of Toll Brothers Apartment Living. “We will stay true to the brand that Toll Brothers is known for and bring to this market the same quality of product and service we’ve been delivering for over 55 years. The Lindley is located in perhaps the most vibrant part of San Diego, which is among the most dynamic areas of Southern California. The Lindley will appeal to the most discerning residents who want the perfect blend of luxury and lifestyle in the middle of it all.”

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“The Lindley will be a Class A trophy asset situated in arguably the most desirable neighborhood in downtown San Diego,” said Cathy Marcus, global chief operating officer and head of U.S. equity for PGIM Real Estate. “In addition to its high-end features and amenities, the property will benefit from strong market fundamentals in San Diego overall, which has experienced employment growth largely driven by the technology sector and migration from other major cities.”

Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers said, “The Lindley marks the fifth urban high-rise rental project we are developing in joint venture with PGIM and complements our current partnership projects in Boston, Cambridge, Atlanta, and Washington, D.C. We are very excited to once again have the support of BNY Mellon and Wells Fargo as our construction lenders. Together, we look forward to bringing this LEED Gold-designed transit-oriented development project to fruition while also supporting the development of additional affordable housing units in downtown San Diego.”

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