FORT WASHINGTON, PA — Toll Brothers, Inc. (NYSE: TOL), through its Toll Brothers Apartment Living® rental subsidiary, and PGIM Real Estate have announced the formation of a new joint venture to develop Momentum Midtown, a 36-story, 376-unit luxury rental apartment community at 1018 West Peachtree Street in the heart of Atlanta’s tech community.
The joint venture has secured a $96 million construction loan facility from Wells Fargo Bank N.A. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development, marketing, leasing and property management of 1018 West Peachtree.
Momentum Midtown is located within a five-minute walk of the Georgia Institute of Technology campus in Atlanta’s Midtown community between the Downtown and Buckhead neighborhoods. With superior access to I-75/85, GA-400, MARTA rail stations, and Hartsfield-Jackson International Airport, the property benefits from convenient access to many of the area’s major transportation corridors, employment centers and employers, including FORTUNE 500 companies such as Google, NCR, AT&T, and Coca-Cola. Atlanta has the South’s second-largest pool of tech workers and the property’s adjacency to Georgia Tech and its location two blocks south of Google’s planned 475,000 square foot Midtown office, places it at the center of Atlanta’s tech innovation community.
Momentum Midtown, located on a .83-acre site, will consist of 376 market rate studios, one-, two-, and three-bedroom luxury rental apartments and a 431-space parking garage. The community will feature a resort-style rooftop pool and lounge with cabanas, outdoor bar, dining room, exhibition kitchen, theater, indoor/outdoor game room and a sky lounge. Other amenities include a state-of-the-art fitness center, luxurious club room and coffee bar, co-working space, high-speed Wi-Fi throughout the property and pet spa.
Charles Elliott, President of Toll Brothers Apartment Living, said, “Momentum Midtown will mark our fourth project in the thriving Atlanta market. We’re looking forward to building another community with the same elevated customer experience and quality that we are known for nationwide.”
Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, said, “We are thrilled to once again team up with PGIM Real Estate and Wells Fargo to develop another exciting urban community. Located in the midst of Atlanta’s vibrant tech hub, Momentum Midtown highlights why we continue to develop in top-quality locations in dynamic major cities, which are magnets for knowledge-based industries.”
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