Toll Brothers Campus Living and The Davis Companies have announced a joint venture to develop a luxury student housing community in Orlando, Florida. The community, called Aperture, will consist of 204 rental apartments with a total of 680 beds. It will feature amenities such as a fitness center, e-sports gaming center, computer lounge, package locker system, courtyard, and resort-style pool. The community will be located near the University of Central Florida, which has a large student population. The project is being financed through a $50 million construction loan facility from TD Bank. Toll Brothers Campus Living will manage the development, construction, and asset management of the property. The joint venture represents the latest project in Davis' growing student housing portfolio. Toll Brothers and Davis have previously collaborated on other student housing projects. Toll Brothers is the nation's leading builder of luxury homes, while Davis is a real estate investment and development firm. The companies have a long-term partnership and have developed projects totaling over $625 million in total capitalization. The Aperture community is expected to be completed in the fall of 2025.
Toll Brothers Apartment Living and Willton Investment Management have also formed a joint venture to develop Lumara, a 456-unit multifamily rental community in Phoenix, Arizona. The project will be financed through an $86 million construction loan facility from Santander Bank and Alerus. The community will feature luxury finishes and amenities such as a heated pool, rooftop terrace, and business conference room. Lumara is located near a future microchip manufacturing plant and is expected to benefit from the area's growth. Toll Brothers and Willton Investment Management expressed excitement about the partnership and the development's potential.
Miami-based homebuilder Lennar has decided to sell its substantial multifamily portfolio, which includes over 11,000 apartments and is estimated to be worth $4.5 billion. Lennar is partnering with JLL to market the properties, and there is a possibility of dividing the portfolio into smaller segments. The properties are managed by Quarterra, Lennar's luxury multifamily development subsidiary. Lennar's Q4 earnings report showed an operating loss of $12 million for its multifamily holdings, while its home building segment performed well, delivering 23,795 homes and generating $1.4 billion in earnings. Lennar was founded in 1954 and has constructed over one million homes nationwide.
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